Use graph below to answer the following questions. Price 60 Supply 50 10 Demand 15 45 75 105 135 165 Quantity a. The equilibrium price is and the equilibrium quantity is (Provide numbers) b. If demand increases then, before firms can adjust, this will create a surplus/shortage. (Select correct answer) c. Firms will want to raise/lower prices. (Select correct answer).d. According to the Law of Demand, this change in price will cause quantity demanded to increase/decrease. (Select correct answer). e. According to the Law of Supply, this change in price will cause quantity supplied to increase/decrease. (Select correct answer)