Refer to Figure 6-5. The price of the good would continue to serve as the rationing mechanism if O a price ceiling of $4 is imposed. a price ceiling of $5 is imposed. All of the above are correct. a price floor of $3 is imposed.

Price 0 OOO J K S₁ M Quantity D₂ S₂ Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D2 the new curves. In this market the indicated shift in demand may have been caused by: O a decline in the number of buyers in the market. a decline in the price of a substitute good. O an increase in incomes if the product is a normal good. an increase in incomes if the product is an inferior good.

b. Set a price ceiling at $1000.00 per unit of rental housing and describe the results. 3. Below are the equations for the quantity demanded and quantity supplied for a given market. Using the equations please find the equilibrium price quantity. Remember, at equilibrium Q₁ = Q₂. 40 – 4P = Qa 10+ 6P = Q₂ dal with P on the vertical and Q on the horizontal

Question 2a. Illustrate the impact on equilibrium price and quantity of the following:i. Market for laptopsThere has been increased access to wireless technology and laptops havea lighter weight. Laptops have also become easier and cheaper toproduce as new technology has come online. ii. Market for porkDoctors warn that consumption of pork may lead to high cholesterolcoupled with an increase in the price of pig feed. iii. Market for office spacesDuring the Covid 19 pandemic, there was an increase in the number ofpersons who worked from home. iv. Market for AluminaThe government has decided to offer subsidies to local aluminaproducers to assist as they compete against foreigners. b. The equilibrium price of printers saw a large decrease in the past year, howeverthe equilibrium quantity remained unchanged. Three individuals provided anexplanation for the situation. Which explanation(s) could be correct? Explain. • Alex: Demand increased, but supply was totally inelastic.• Lance: Supply…