For questions 7 - 9 use the following information. The following figure represents estimates for the demand and the supply of artichokes in California, where quantities are in pounds per year and prices are the price per pound in U.S. dollars. 1001 120 Qs = -220 + 400 . P QD = 4, 004 - 480 . P 4, 004 Q The supply is given by Qs = -220 + 400 . P or equivalently P = 11 1 20 400 . Qs and the demand is given by 1001 QD = 4, 004 - 480 . P or equivalently P = 1 120 480 . QD 8. When the market is in equilibrium, which of the following statements is true. A. CS + PS is less than $6,000 B. CS + PS is between $6,000 and $6,250 C. CS + PS is between $6,250 and $6,500 D. CS + PS is between $6,500 and $6,750 E. CS + PS is greater than $6,750