Answer
(a)The equilibrium price will be 6 while the equilibrium quantity will be 81.
(b)There will be a surplus which means excess supply over demand.
(c) There will be a worse situations known as shortage where the market has more demand than supply.
Work Step by Step
See the graphs :
(a)Equilibrium is a point where the demand and supply curve intersect each other.
So observing the graph we get the idea
The equilibrium price will be 6 while the equilibrium quantity will be 81.
(b) If the price is charged above equilibrium price( i.e. 7,8 or above ) The supplier will not be able to sell enough products.
Thus hence it will lead to the surplus which means excess supply over demand
(c) If charging is below prices, It will also lead to a worse situation known as shortage where the market has more demand than supply.
The supplier will refuse to offer a product to the market price less than $6
