Consider the following market showing the demand and supply of chocolate bars sold at Woolworths. P ($) 2.00 1.75 - 1.50 - 1.25 - 1.00 - 110 120 130 140 150 Q (000) (a) State the market equilibrium. (1 mark) (b) How many chocolate bars would be demanded and supplied in this market if Woolworths discounted the price to $1.25? Is the market in a surplus or a shortage at this price? Calculate the size of this surplus or shortage. (3 marks) (c) Given your answer to Question (b), briefly explain what would have to happen in this market for equilibrium to be restored. (2 marks) (Approximate numbers read off the chart are ok.)