A market is described by the following supply and demand curves: QSQS  =  =  4P4P QDQD  =  =  400−P400−P   The equilibrium price is   and the equilibrium quantity is   .   Suppose the government imposes a price ceiling of $60. This price ceiling is    , and the market price will be   . The quantity supplied will be   , and the quantity demanded will be   . Therefore, a price ceiling of $60 will result in    .   Suppose the government imposes a price floor of $60. This price floor is    , and the market price will be   . The quantity supplied will be   and the quantity demanded will be   . Therefore, a price floor of $60 will result in    .   Instead of a price control, the government levies a tax on producers of $10. As a result, the new supply curve is: QSQS  =  =  4(P−10)4P−10   With this tax, the market price will be   , the quantity supplied will be   , and the quantity demanded will be   . The passage of such tax will result in    .

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