Homework 3 is due on Wednesday, February 16th by 11:00 pm and must be submitted to the submission folder: Homework 3 created in Assignments. 1. Consider the supply and demand schedules below to answer the questions that follow: (2 points) we on. ma Demand npe $ 10 0 10 9 l 9 8 2 8 7 3 7 6 4 6 5 5 5 4 6 4 3 7 3 2 8 2 l 9 l A) Use the supply and demand schedule above. What is the equilibrium price and quantity in this market? a. $2; 2 units b. $5; 5 units 0. $7; 7 units d. $2; 8 units B) Use the supply and demand schedule above. If price were $2, what would the market outcome be? What would happen to the market price and why? a. Market shortage; price would go up c. Market surplus. Price would go up b. Market surplus; price will go down d. Market shortage; price would fall C) Use the supply and demand schedule above. If price were $7, what would the market outcome be? What would happen to the market price and why? a. Market shortage; price would go up 0. Market surplus. Price would go up b. Market surplus; price will go down d. Market shortage; price would do up