For the following exercise refer to the graph on theright, which describes the current market conditions in a local market for Spartan apples.

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For the following exercise refer to the graph on the right, which describes the current market conditions in a local market for Spartan apples. 20- At a price of $16 per carton there will be a surplus S 16- - of 30 000 cartons cartons per week. The surplus at $16 will cause the price to fall below $16 12- Price per carton As the price falls, this will cause the quantity demanded to decrease 8- As the price falls, this will cause the quantity supplied to increase As the price falls this will cause the amount of the surplus to increase D 10 20 30 40 50 moving the market further away from equilibrium. Thousands of cartons per week