Refer to the demand and supply schedule shown in Table 3P-3.
a. If pizza parlors charge $3.50 per slice, will there be excess supply or excess demand? What is the amount of excess supply or excess demand at that price?
b. If pizza parlors charge $1.00 per slice, will there be excess supply or excess demand? What is the amount of excess supply or excess demand at that price?
c. What are the equilibrium price and quantity in this market?