2. Identify the market equilibrium: Quantity Supplied Price Quantity Demanded 2000 $100 5500 2500 $110 5000 3100 $120 4400 3600 $130 3600 4200 $140 3000 Equilibrium price Equilibrium quantity 3. In the previous question, why would a seller not wish to charge a price of $140? 4. Markets use prices to ration goods and services. State one example of a different way to ration goods and services. Explain why your answer might be less efficient than using prices. 5. The price of college tuition has risen faster than both wages and average prices over the past 30 years. Yet more students are attending college. Is this a violation of the law of demand? Why or why not? (Continued)