NAME BLOCK DATE 1. Before any price control is put into place: (A) What is the market price? (B) What is the quantity demanded? (C) What is the quantity supplied? (D) There is a (shortage / surplus) of (E) What is consumer surplus? (F) What is producer surplus? (G) What is total surplus? (qty). 2. Say the government wanted to limit how much smartphone service providers could charge for services, putting a price ceiling in place. If the price ceiling is set at $30, what happens? (A) What is the market price? (B) What is the quantity demanded? 171 1:19