Suppose the government decided that, since gasoline is a necessity, its price should be legally capped at $1.30 per gallon. What do you anticipate would be the outcome in the gasoline market?

The table shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. (Express answers in thousands.)

Price	Qd	Qs
$120	50	36
$150	40	40
$180	32	48
$210	28	56
$240	24	70

a. What is the quantity demanded and the quantity supplied at a price of $210?

b. At what price is the quantity supplied equal to 48,000?

c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity?

d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?

e. Name some factors that can cause a shift in the demand curve in labor markets.

f. Name some factors that can cause a shift in the supply curve in labor markets.

g. How do economists define equilibrium in financial markets?

h. What happens to the price and the quantity bought and sold in the cocoa market if countries producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and supply graph.