Questions gosum berry Suppose that the Gondwanaland Chairman of Production Office determines that producers are not receiving enough revenue at the $50 equilibrium price and decides to implement a price floor of $70. This causes the demand for gosum berry barrels to decrease from 500 barrels per month to 300 barrels per month. Also, in response to the new regulated price of $70, gosum berry producers increase production from 500 barrels to 700 barrels per month. The Chairman of Production Office then purchases the 400 barrel per month surplus. The accompanying chart and diagram illustrate the market for Gondwanaland gosum berries. Using this information, answer the following questions. + Price $120 Quantity Supplied Quantity Demanded 1,200 0 $110 1,100 0 $100 1,000 0 $90 900 100 $80 800 200 $70 700 300 $60 600 400