exercises 1. Refer to the graph provided to answer the following questions 7 10 175 220 Quantity a. What are the equilibrium price and quantity in this market? b. What is the effect of a price ceiling of $3 placed on this market c. What is the effect of a price ceiling of $7 placed on this market? d. If price in this market is $7, explain the adjustment process that will bring the market back to equilibrium 1. Refer to the graph of the housing market provided to answer the follow ing apply 1000 800 600 demand Quantity ( thousands of ap th) What are the equilibrium rent and quantity of housing in this market if it isexercises 1. Refer to the graph provided to answer the following questions. Price supply 7 5 3 demand 100 175 220 Quantity a. What are the equilibrium price and quantity in this market? b. What is the effect of a price ceiling of $3 placed on this market? c. What is the effect of a price ceiling of $7 placed on this market? d. If price in this market is $7, explain the adjustment process that will bring the market back to equilibrium. 1. Refer to the graph of the housing market provided to answer the following questions. Monthly Rent supply 1000 800 600 demand 30 50 70 Quantity (thousands of apartments per month) a. What are the equilibrium rent and quantity of housing in this market if it is