Question: Use the supply and demand schedules below to answer the following questions: Quantity Quantity Demanded Supplied 70 50 Instructions: Enter your answers as a whole

Use the supply and demand schedules below to answer the following questions: Quantity Quantity Demanded Supplied 70 50 Instructions: Enter your answers as a whole number. a. What is the market equilibrium price and quantity? Market equilibrium price: $ |:| Market equilibrium quantity: |:| units b. What is the market price if there is a shortage of 20 units? $E c. At a price of $45, the market experiences ' |:| units. shortage surplus

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