Use the graph on Nike Shoes to answer questions 1-6 90 80 70 60 50 Nike Shoes 1,000 0 2,000 3,000 4,000 5,000 1. What is the equilibrium price of Nike shoes? a. 50 b. 60 c. 70 d. 80 2. What is the amount of Nike shoes consumers are willing to buy and suppliers are willing to supply at 70$? a. 1,000 shoes b. 2,000 shoes c. 3,0000 shoes d. 4,000 shoes 3. What is the quantity supplied at $60? a. 1,000 shoes b. 2,000 shoes c. 3,000 shoes d. 4,000 shoes 4. What is quantity demanded at $90? a. 1,000 shoes b. 2,000 shoes c. 3,000 shoes d 4,000 shoes 5. What situation occurs when Nike sets their price to $80? a. Shortage