The market for pizza has the following demand and supply schedules:
Price | Quantity demanded | Quantity Supplied
$4 | 135 | pizzas 26
5 | 104 | 53
6 | 81 | 81
7 | 68 | 98
8 | 53 | 110
9 | 39 | 121
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market?
b. If the actual price in this market were above the equilibrium price what would drive the market toward the equilibrium?
c. If the actual price in this market were bellow the equilibrium price what would drive the market toward equilibrium?