Question: 1. (a) Label each function as demand or supply. (b) Label the equilibrium point and determine the price and quantity at which market equilibrium occurs.

1. (a) Label each function as "demand" or "supply."

(b) Label the equilibrium point and determine the price and quantity at which market equilibrium occurs.

2.

(a) If the price is $30, what quantity is demanded?

(b) If the price is $30, what quantity is supplied?

(c) Is there a surplus or shortage when the price is $30? How many units is this surplus or shortage?

Complete Problem by using the accompanying figure, which shows a supply function and a demand function.

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40 30 20 10 10 20 30 40 50 60

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