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The price at which demand equals supply is known as the equilibrium price.

According to the table, demand equals supply, resulting in a price of$\$2.80$.

As a result, role="math" localid="1646839626121" $\mathbf{\$}\mathbf{2}\mathbf{.}\mathbf{80}\mathbf{}$is the equilibrium price.

The equilibrium quantity is the quantity that corresponds to the equilibrium price.

The quantity that corresponds to a $\$2.80$ equilibrium price is $7,500.$

As a result, $\mathbf{7}\mathbf{,}\mathbf{500}\mathbf{}$is the equilibrium quantity.

Only if the set price is less than the equilibrium price can a price ceiling be effective.

$\$2.80$is the equilibrium price.

As a result, the $\$2.40$price ceiling will be effective.

The number required is $8,000$, whereas the quantity supplied is$6,400$at a price of $\$2.40$.

Demand excess or scarcity = $QD-QS=8,000-6,400=1,600$

If the price ceiling is set at $\mathbf{\$}\mathbf{2}\mathbf{.}\mathbf{40}\mathbf{,}\mathbf{}$the excess or shortage will be$\mathbf{1}\mathbf{,}\mathbf{600}\mathbf{}$units.

Only if the set price is less than the equilibrium price can a price ceiling be effective.

The equilibrium price is $\$2.80.$

So, price ceiling set at $\$2.00$ will be effective.

At price of $\$2.00$, quantity demanded is $8,500$and quantity supplied is $5,500$.

Excess demand or shortage $=QD-QS=8,500-5,500=3,000$

The excess or shortage be if the price ceiling is set at $\$2.00is3,000units$.

Only if the set price is less than the equilibrium price can a price ceiling be effective.

$\$2.80$is the equilibrium price.

As a result, the $\$3.60$price ceiling will be ineffective.

If the price cap is set at $\$3.60$, there will be no scarcity or surplus demand.