1.7a. Suppose the government sets the maximum legal price at which a good may be sold in a particular market and assume that this price is less than the free-market equilibrium price. Draw a diagram exhibiting the actual price and quantity that comes to exist in this market. Be sure to identify the latter quantity and price in your diagram and explain why this quantity and price become, respectively, the actual equilibrium (not the free-market equilibrium) quantity and price in the market. b. Draw the same kind of diagram for the case in which the government sets the minimum legal price at which a good may be sold and this price is more than the freemarket equilibrium price.