Use the picture below to answer this question. (If you are asked for a point, use the alphabet letter next to the point to identify it. If you are asked for a value, an amount or a price, then identify that amount by the two letters. If you are asked for a line, then use two points that are on that line to identify it. If you are asked for a region in the picture, use the letters that surround that region.) S A D G M N P R S Quantity For the following concepts, identify where they are on the picture and describe what the implications are: when the quantity sold is constrained to be ON 1. what is the amount that consumers would be willing to pay? 2. What is the amount that suppliers would be satisfied to pay? 3. If there is a difference in these two prices, what hapens to the difference between them? 4. What price will be experienced in the market place and why? 5. Is this market in equilibrium? 6. If so, why is that equilibrium? 7. If this market is not in equilibrium, why not? 8. And in what direction will price and quantity move and why? 9. Identify the amount of total surplus with this quantity. 10. Is this more or less than in equilibrium