Given the following data on gasoline supply and demand,

(a) What is the equilibrium price?

(b) How large of a market shortage would exist if the government set a price ceiling of $1 per gallon?

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Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 Quantity demanded (gallons per day) 1 2 3 4 5 Al Betsy 1 1 Casey 4 Daisy 1. 4 Eddie 1. 2 5 Market total 2. 3. 3. 3. 2. 3. 2. Price per gallon $5.00 $4.00 $3.00 $2.00 $1.00 Quantity supplied (gallons per day) Firm A 3 3 2 1 Firm B 2 Firm C 1 Firm D 2 0 Firm E 4 2 2 2 1. Market total 2. 3.