The table below illustrates the demand and supply schedules for seats on air flights between two cities:

What are the market price and equilibrium quantity in this market? Now suppose that federal authorities limit the number of flights between the two cities to ensure that no more than 1,200 passengers can be flown. Evaluate the effects of this quota if price adjusts.

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Quantity Demanded Quantity Supplied Price $200 $300 $400 $500 $600 2,000 1,800 1,600 1,400 1,200 1,200 1,400 1,600 1,800 2,000