Part 1 Use the graph to answer the questions. Price 100 - S 90 Price floor 80 70 60 50 40 Price ceiling 30 20 10 0 20 60 120 160 220 Quantity 1. What is the market clearing price in the graph above? (market clearing price is also known as the equilibrium price) 2. What quantity is demanded and what quantity is supplied at the market clearing price? 3. What quantity is demanded and what quantity is supplied if the government passes a law setting the maximum price of $30? 4. What quantity would be demanded and what quantity would be supplied if the government passed a law setting the minimum price of $80