The following are demand and supply equations for marijuana in Nevada (where it is legal): = 100 1/2 = 375 Price is in terms of an eighth of an ounce of marijuana and quantities are in millions of eighths per month.

1)What is the equilibrium price of an eighth of an ounce of marijuana in this market?

2)What is the equilibrium quantity in this market?

3)If the price is currently $60 per eighth of an ounce, competition among buyers/sellers (circle one) will put downward / upward (circle one) pressure on price