Question 21 10 pts (Supply and Demand in Equilibrium; Government Interference in Markets) Suppose the following information is gathered for the market for T-shirts in the town where you go to school: Price Quantity Demanded Quantity Supplied $2.00 5,000 $4.00 4,500 2,000 $6.00 3,800 2,500 $8.00 3,000 3,000 $10.00 2,000 3,250 $12.00 1,000 3,500 $14.00 0 3,700 1. What is the current equilibrium price and equilibrium quantity? 2. Suppose college students rallied and convinced the local government to make it a law that the highest legal price for T-shirts should be $4.00. Would the market be in equilibrium? If not, is there a surplus or a shortage in the market? How big is the surplus/shortage (show your calculation process) Edit View Insert Format Tools Table