120 100 80 60 S 40 30 20 10 O 500 100 200 300 400 Name: Econ 202 - Principles of Macroeconomics Chapter 7 with a little bit of Chapter 6 (price ceiling) 1. Using the graph below, what is the equilibrium price and quantity in this market? (Assume there are no externalities, no taxes, subsidies, etc..) 2. What are consumer surplus, producer surplus, and total surplus? 3. If we put a price ceiling of $10 on this market, what would be the new Quantity Supplied and producer surplus? 4. With a price ceiling of $10, why is it difficult to know what the new consumer surplus would be