Question: Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:
![1340_PPG.png](https://secure.tutorsglobe.com/CMSImages/1340_PPG.png)
a. What is the equilibrium price and quantity of milk?
b. If the government places a price ceiling of $2 on milk, will there be a shortage or surplus of milk? How large will it be? How many gallons of milk will be sold?