Graph 1.2 Price S $8 7 6 5 3 2 D 1 10 20 20 30 40 50 60 70 80 Quantity Use graph 1.2 to calculate what would happen if there was a price ceiling of $7 in this market: Select one: a. There would be a surplus of 40 units b. There would be a shortage of 40 units c. The market would clear at 40 units d. There would be a surplus of 30 units Use Graph 1.2 to calculate what would happen if there was a price ceiling of $3 in this market: Select one: a. There would be a surplus of 40 units b. There would be a shortage of 40 units c. The market would clear at 40 units d. There would be a surplus of 30 units