Part ii)The following table sets the demandand supply schedules for roses on anormal weekend.

Price (dollars per rose)Quantity Demanded (roses /week)Quantity Supplied (roses/week)

6.0015060

7.00100100

8.0070130

9.0050150

a)If the price of a rose is $6, describe the situation in the rose market. Explain how the price adjusts.

b) If the price of a rose is $9, describe the situation in the rose market. Explain how the price adjusts.

c) What is the market equilibrium ?

d) Which one of these prices is an example of a price ceiling? If this price ceiling is imposed by the government, what would be the consequence for this market?

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