Given the following diagram: Price Floors and Ceilings II. GRAPH SETTINGS Reset Price ($) Price Floor Price Ceiling 9 8 Price Ceiling 7 6 P 4 4.00 Price Ceiling Price 3 2 5 10 15 m............... Price Adjustment Qe 35 40 45 Quantity Instructions: Under settings, click "Price Ceiling" to select it. When it is selected, it will be highlighted in dark blue. a. What is the equilibrium price and quantity in the absence of a price ceiling? P = $[ 1Q = [ units b. What is the prevailing price and quantity if a price ceiling is set at $4.00? P = $0 Q = [units c. Is the price ceiling at $4.00 effective (binding)? (Click to select) d. What is the prevailing price and quantity if the price ceiling is set at $6.00? P = $[ 1Q = 0 7units e. Is the price ceiling at $6.00 effective (binding)? |(Click to select)