2. Assume Diagram 1 below represents a competitive market. Diagram 1 8 S 6 Price (dollars) 4 2 D 5 10 15 20 25 Quantity a. What is the overall market situation at a price of $5? b. What changes in supply and/or demand would cause the equilibrium market price to fall to $2 (list all possibilities)? c. If the government imposed a price ceiling of $3 per unit, how does this change the market situation? d. Suppose 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