1.Explain, using a supply and demand graph, how a freeze in a vegetable crop will affect the equilibrium price and quantity.

2.You observe that the equilibrium price has decreased and the equilibrium quantity has increased. What supply and demand conditions would best explain this outcome? 3.You observe that the equilibrium quantity has increased but the equilibrium price has stayed the same. What supply and demand conditions would best explain this outcome?

4. What are the consequences if a seller sets a price below the actual equilibrium price?