Answer the questions below based on the graph above.
a. The equilibrium price is ______ and the equilibrium quantity is _______.
b. The highest price consumers are willing to pay for 50 units is about ______.
c. The lowest price producers are willing to supply is 40 units is _____ .
d. When the market price is $4, there is (surplus/shortage) ___ of units.
Fill in whether there is a shortage or surplus and of how many units.
e. When the market price is $2, there is (surplus/shortage) ____ of units.
Indicate whether there is a shortage or surplus and of how many units.