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QUESTION 2 The schedule below shows the demand and supply schedules for chicken in a market. Price (RM/kg) Quantity Demanded (kg) Quantity Supplied (kg) 8.00

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QUESTION 2 The schedule below shows the demand and supply schedules for chicken in a market. Price (RM/kg) Quantity Demanded (kg) Quantity Supplied (kg) 8.00 250 700 7.80 350 500 7.50 400 400 7.00 550 300 6.20 600 200 a) Define Supply and Law of Supply. (3marks) b) Based to the table above, state the equalibrium price and quantity. (2 marks) c) Assuming the price for chicken is established at RM7.00, what is the price called? (1 marks)

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