JP" 1115 LULL 1. Give an example of a market suppliiI and demand curve. Describe the market and show the relationship graphically. Further, explain using the graph how you would know the price of this product and quantity of the good that's sold. 2. Reference the example in Question 1. What would happen if the price were above equilibrium? Would that higher price be stable? If not, what would happen to it? 3. Reference the example in Question 1. What would happen if the price were above equilibrium? Would that higher price be stable? If not, what would happen to it? 4. Reference the example in Question 1. Describe a situation that would shift the demand curve. What would the effect of this be on price and quantity