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Please use the following supply and demand schedules to answer the questions below: Price Quantity Demanded Quantity Supplied $0 4 0 $10 3 1 $20

Please use the following supply and demand schedules to answer the questions below:

Price Quantity Demanded Quantity Supplied
$0 4 0
$10 3 1
$20 2 2
$30 1 3
$40 0 4

a. At what prices will we see a shortage?

b. At what prices will we see a surplus?

c. What is the equilibrium price and quantity for this market?

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