1. Selling Price	Quantity Demanded	Quantity Supplied
   $300	0	21
   $280	2	19
   $260	4	17
   $240	6	15
   $220	8	13
   $200	10	11
   $180	12	9
   $160	14	7
   $140	16	5
   $120	18	3
   $100	20	1

2. From an examination of the above table and the associated graph, what is the approximate equilibrium price? __________

2. From an examination of the above table and the associated graph, what is the approximate equilibrium quantity? [Please round any partial units down to the nearest whole unit.] ______

3. If the government does not allow a price higher than $150 for widgets, approximately how many will be supplied in this market? ___________
4. If the government does not allow a price higher than $150 for widgets, approximately how many will be demanded in this market? _________

5. If the government does not allow a price higher than $150 for widgets, there will be a shortage of approximately how many units in this market? ________

6. If the government does not allow a price any lower than $270 for widgets, approximately how many will be supplied in this market? _________

7. If the government does not allow a price any lower than $270 for widgets, approximately how many will be demanded in this market? _________

8. If the government does not allow a price any lower than $270 for widgets, there will be a surplus of approximately how many units in this market? _________

9. The production of widgets requires a lot of labor. On the graph above, show how a substantial increase in wage rates would affect the supply or demand of widgets. This will require that you draw either another demand curve or another supply curve showing the change in the demand or supply of widgets as a result of the increase in labor costs. Also show which direction the supply or demand is shifting by drawing small arrows indicating the direction of the shift.