Market Demand and Supply Schedules Quantity Quantity Surplus/ Price Demanded Supplied Shortage $20 0 20 20 18 2 16 14 16 4 10 6 14 7 7 0 12 11 5 10 13 -13 At a price of $12 in the table, does the market have a surplus or shortage? of how many units? Explain how you know. Price Quantity Quantity Demanded Supplied $1 14 2 2 12 3 3 10 4 8 5 6 6 4 7 8 10 1. What is the equilibrium price? 2. If the government imposed a price floor of $7, what would result? 3. If the government imposed a price ceiling of $4, what would result