Suppose that initially the gasoline market is in equilibrium, at a price of $4.00 per gallon and a quantity of 70 million gallons per month. Then a war in the Middle East disrupts imports of oil into the United States, shifting the supply curve for gasoline from S, to $2. The price of gasoline begins to rise, and consumers protest. The federal government responds by setting a price ceiling of 12.00 $3.50 per gallon. Use the graph to answer the following questions. 10.00- If there were no price ceiling, what would be the equilibrium price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline supplied? 9.00 The equilibrium price would be $ 6 , the quantity demanded would be 50 million gallons per month, and the quantity supplied would be 50 million gallons per month. (Enter your responses 8.00 rounded to two decimal places.) 7.00 Now assume that the price ceiling is imposed and that there is no black market in gasoline. What are the price of gasoline, the quantity of gasoline demanded, and the quantity of gasoline Price (dollars per gallon) 6.00- supplied? 5.00- The price of gasoline is $, the quantity demanded is million gallons per month, and the quantity supplied is |million gallons per month. (Enter your responses rounded to two decimal 4.00- places.) 3.00- X 2.00 1.00- 0.00 0 10 20 30 40 50 60 70 80 90 100 110 120 Quantity (millions of gallons per month)