1. Assume Diagram 1 below represents a competitive market. Answer the questions based on the graph below. (30 points ) Dia gram 1 6 Price ( dollars ) 10 15 20 25 Quantity a.Describe the quantitative market situation at the price of $5. (10pt) b. If the government imposed a price ceiling of $3 per unit, how does this change the market situation? (10pt) c. The product represented in the graph is a gallon of regular milk. If this were soy milk instead, how do you think the demand curve in this case would change? Explain. (10pt)