16. Review the following figure. Suppose the price of gasoline is $1.60 per gallon. What would happen to the quantity demanded? What would happen to the quantity supplied? Is the market in equilibrium, a shortage, or a surplus? $2 20- Excess supply An above-equilibrium price Pa par gation] Ab wequillbrum price $100 D 300 400 900 600 700 800 900 Quantity of Gasoline jmillions of gallonsj