Figure 1: Quantity Demanded Quantity Supplied 10 50 20 40 30 30 4-0 20 50 10 11. Refer to Figure 1. The market equilibrium is characterized by: a) Price = $4; Quantity = 20 b) Price = $3 ; Quantity = 30 c) Price = $2; Quantity = 20 d) Price = $1: Quantity = 50 12. Refer to Figure 1. If the price in this market is $5: a] Demand would decrease. b) The market is in equilibrium. c) Consumers would not be able to buy as many units as they would like. (1) There is a surplus in the market (this is referring to a difference in quantities and not to benets from market participation). 13. Refer to Figure 1. If the price in this market were initially $5, we would expect: a) The quantity supplied to continue to exceed quantity demanded. b) The quantity supplied to decline as a result of the subsequent price change. c) The quantity demanded to decline as a result of the subsequent price change. (1) None of the above