Draw a supply and demand graph for the college-education market, which has an upward-sloping supply curve and a downward sloping demand curve. Consider tuition to be the price of a college education. Label the equilibrium price and quantity P₁ and Q₁, respectively. For simplicity, assume that the education provided at each college is the same.

a. Shade and label the areas on your graph that represent consumer surplus and the producer surplus in this market.

b. Suppose the government imposes a price ceiling on college tuition. Use a horizontal line to indicate the level of a price ceiling that would make a difference in this market.

c. Use vertical and horizontal stripes to indicate the area on your graph that represents the deadweight loss caused by the price ceiling.

d. Use vertical stripes to indicate the area on your graph that represents the consumer surplus after the price ceiling is in place.

e. Use horizontal stripes to indicate the area on your graph that represents the producer surplus after the price ceiling is in place.

f. Do all students benefit from a price ceiling on college tuition? Why or why not?

g. Other than deadweight loss, what is another problem that could be caused by a price ceiling in the college-education market?