Figure 4.3.1 Market for Espresso Shots Price Quantity Quantity Demanded Supplied $0.70 $0.80 1,200 1,100 200 $0.90 1,000 400 $1.00 900 600 $1.10 800 800 $1.20 700 1,000 $1.30 600 1,200 $1.40 500 1,400 $1.50 400 1,600 7) Look at Figure 4.3.1. The equilibrium price is $ and the equilibrium quantity is 7) _espresso shots. A) 1.00; 800 B) 1.10; 900 C) 1.10; 800 D) 0.90; 1,000 E) 1.30; 1,200 8) Look at Figure 4.3.1. If the price is set at $0.80 per espresso shot, there is a(n) leading 8 ) to a price A) surplus; rise B) shortage; rise C) equilibrium; rise D) shortage; fall E) surplus; fall 9) Look at Figure 4.3.1. If the price is set at $1.30 per espresso shot, there is a(n) leading 9 ) to a price A) surplus; fall B) shortage; fall C) equilibrium; rise D) shortage; rise E) surplus; rise UJ