(Solution) - The following diagram describes the hypothetical demand and supply for -(2025 Original AI-Free Solution)

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The following diagram describes the hypothetical demand and supply for canned tuna in Canada in 2013.

a. Suppose the price of a can of tuna is $4.00. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
b. Suppose the price of a can of tuna is $1.50. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
c. What is the equilibrium price and quantity in this market?