Question: N1 Use the information in the table below to answer the following questions. Price Quantity Demanded (QD) Quantity Supplied (QS) 0 0 0 20 1000

N1

Use the information in the table below to answer the following questions.

Price

Quantity Demanded (QD)

Quantity Supplied (QS)

0

0

0

20

1000

100

40

900

300

60

600

400

80

500

500

100

400

600

120

200

800

140

100

900

a) What is the market equilibrium price in this case? (1 marks)

b) What would happen in this market if the price were set to 120? (2 marks)

c) What would happen in this market if the price were set to 40? (2 marks)

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