Toontown is the world's biggest wheat producer with a vibrant domestic market as well. The table below shows the demand and supply schedule for the Toontown wheat market (in metric tons). Quantity Demanded Price Quantity Supplied $7 10 11 Answer the following questions based on the table above. A.)What is the equilibrium price and quantity in Toontown? (a) $3 and 5 (b) $4 and 6 (c) $5 and 7 (d) $6 and 8 B.)Due to the COVID-19 shut down in Toontown, demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would be its new equilibrium price and quantity? (a) $3 and 5 (b) $4 and 4 (c) $5 and 7 (d) $6 and 8 C.)There has been a bumper production of wheat in West City (a competitor of Toontown in the world market). As a result, the international price of wheat has dropped substantially. The Federal Government of Toontown decides to support its wheat farmers by setting a minimum price (price floor) of $3. As a result of the government action: (a) There will be a shortage of 6 metric tons in the market. (b) There will be a surplus of 4 metric tons in the market. (c) There will be a shortage of 4 metric tons in the market (d) There will be a surplus of 6 metric tons in the market. revenue for some of