Date: Use the supply and demand curve below to answer the questions that follow. 800 700 800 500 Price 500 1,000 1,500 2,000 2,500 3,000 3,500 Quantity 1. What is the equilibrium price? 2. What is the equilibrium quantity? 3. What would be the excess supply at a price of $450? 4. What would be the excess demand at a price of $150? 5. What would happen if a price floor of $500 were set? 6. What would happen if a price ceiling of $300 were set? 7. What would create a surplus of over 1,700? 8. What would create a shortage of approximately 1,300