Using the Supply and Demand data below, graph the equilibrium price and quantity for the market for oats. Identify the equilibrium price and quantity. (DO NOT list every price and quantity in your graph.) Price

Quantity demanded

(bushels of oats)

Price

Quantity supplied

(bushels of oats)

$4.40

10,000

$4.40

40,000

4.20

15,000

4.20

35,000

4.00

20,000

4.00

30,000

3.80

25,000

3.80

25,000

3.60

30,000

3.60

20,000

3.20

35,000

3.20

15,000

Equilibrium Price $
Equilibrium Quantity

Describe the market at a price of $4.20.

At $4.20, there is a (select wither Shortage or Surplus)
of (state a numerical value)
units.

Describe the market at a price of $3.60

At $3.60, there is a (select wither Shortage or Surplus)
of (state a numerical value)
units.

Describe the market at a price of $3.20

At $3.20, there is a (select wither Shortage or Surplus)
of (state a numerical value)
units.