Use the following data to draw supply and demand curves on the accompanying graph.
Price $ 8 7 6 5 4 3 2 1
Quantity demanded 2 3 4 5 6 7 8 9
Quantity supplied 10 9 8 7 6 5 4 3
(a) What is the equilibrium price? $4.00
(b) If a minimum price (price floor) of $6 is set,
(i) What kind of disequilibrium situation results?
(ii) How large is it?
(c) If a maximum price (price ceiling) of $3 is set,
(i) What disequilibrium situation results?
(ii) How large is it?