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Price Q Demanded Q Supplied $50 300 0 55 220 80 60 150 150 65 90 230 1. Use the space below to draw the supply and demand curves described in the table above. Make sure to label both axes and the curves correctly. (3 points) 2. Based on the data above, equilibrium price is and equilibrium quantity is 3. If a law were passed stating that none of this good could be traded at a price higher than $55, there would be a (surplus/shortage) in this market. 4. Suppose the demand curve shifts to the right (away from the origin). Show this shift. At the new equilibrium, what has happened to price?_ _. What has happened to quantity? . What has happened to the supply curve 5. (1 point BONUS) Economists use the term "demand" to refer to: a. a set of various combinations of market prices and quantities demanded . a particular price-quantity combination on a stable demand curve c. the total amount spent on something during a specific time period d. the amount sellers are willing and able to offer at different prices e. an upsloping lineon a graph of consumer purchases