The market supply and market demand schedules for veggie burgers are given in the following table. The quantities are expressed in thousands of burgers per day.

Price ($) Quantity Demanded Quantity Supplied 2 200 95 3 175 105 4 150 115 5 125 125 6 100 135

a) What is the equilibrium price and quantity in this market?

b) If the price was $6, what is true about the market? What would you expect to happen?

c) If the price was $3, what is true about this market? What would you expect to happen?

d) Draw the demand and supply curves for veggie burgers. What do you predict will happen in the short term to the equilibrium price and quantity if it is announced that new medical research finds that consumption of veggie burgers increases longevity?