loontown is the world's biggest wheat producer with a vibrant domestic market as well. The table below shows the demand and supply schedule for the Toontown wheat market (in metric tons). Quantity Quantity Demanded Price Supplied 10 11 Answer the following questions based on the table above. A. )What is the equilibrium price and quantity in Toontown? (a) $3 and 5 (b) $4 and 6 (c) $5 and 7 (d) $6 and 8 B.)Due to the COVID-19 shut down in Toontown, demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would be its new equilibrium price and quantity? (a) $3 and 5 (b) $4 and 4 (c) $5 and 7 (d) $6 and 8 C.)There has been a bumper production of wheat in West City (a competitor of Toontown in the world market). As a result, the international price of wheat has dropped substantially. The Federal Government of Toontown decides to support its wheat farmers by setting a minimum price (price floor) of $3. As a result of the government action: (a) There will be a shortage of 6 metric tons in the market. (b) There will be a surplus of 4 metric tons in the market. (c) There will be a shortage of 4 metric tons in the market (d) There will be a surplus of 6 metric tons in the market. wevenne for some of D. The Federal Governmen