Do the worksheet

02b. Price controls 2.pdf O Price Controls Practice Part I Look at the graph below. Assume that it depicts the supply and demand for widgets. 120 110 100 90 Price O 0 1 3 4 6 7 00 9 10 Quantity (# x 100) Questions: Answer the questions in the spaces provided, or draw on the graph. Given the graph above, What would be the equilibrium price of widgets? What would be the equilibrium number of widgets exchanged? Using a pen in a color other than black, draw a line showing a price ceiling set at $30. [Don't write anything in the blank at left.] + Using the same pen, draw in dotted lines to show the quantity demanded and quantity supplied at this price. [Don't write anything in the blank at left. ] What is the quantity demanded with this price ceiling at $30? What is the quantity supplied with this price ceiling at $30? Is there a surplus or a shortage with this price ceiling at $30? What is the (approximate) size of the surplus or shortage with this price ceiling at $30? Oi If the price ceiling is removed, what will happen to the price of widgets? (rise, fall, or constant) If the price ceiling is removed, what will happen to the quantity of widgets actually exchanged in the marketplace? (rise, fall, or constant) Part II To Do Notifications Inbo