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Consider the market for some product X that is represented in the demand-and-supply diagram. 19.00- For each of the legislated price controls listed, determine the price and quantity exchanged 17.00- after imposition of control, whether a shortage or surplus develops, and if so, how much. 15.00- a. a price floor at $7 per unit 13.00- S The price is $ 9 and the quantity exchanged is 48 . This means that there is 11.00 no effect on the market Price ($) 9.00-. (Type whole numbers.) 7.00- b. a price floor at $11 per unit 5.00- The price is $ 11 and the quantity exchanged is 36 . This means that there is 3.00- a surplus of 36 units 1.00- (Type whole numbers.) 12 24 72 84 c. a price ceiling at $7 per unit Quantity (units per day) The price is $ 7 and the quantity exchanged is 24 . This means that there isno effect on the market 19.00- (Type whole numbers.) 17.00- Q b. a price floor at $11 per unit 15.00- The price is $ 11 and the quantity exchanged is 36 . This means that there is 13.00- a surplus of 36 units S (Type whole numbers.) 11.00- Price ($) c. a price ceiling at $7 per unit 9.00 - - - 7.00- The price is $ 7 and the quantity exchanged is 24 . This means that there is 5.00- a shortage of 36 units (Type whole numbers.) 3.00- D d. a price ceiling at $11 per unit. 1.00- 12 24 36 60 72 84 The price is $ 9 and the quantity exchanged is 36 . This means that there is Quantity (units per day) no effect on the market (Type whole numbers.)