Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.) P 40 30 20 10 10 20 30 40. 50 60 (a) If the price is $12, what quantity is supplied? Units (b) If the price is $12, what quantity is demanded? units (c) Is there a surplus or a shortage when the price is $127 O surplus O shortage How many units is this surplus or shortage? units