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Use the graph on Nike Shoes to answer questions 1 6 Nike Shoes 90 80...

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Use the graph on Nike Shoes to answer questions 1 6 Nike Shoes 90 80 70 60 50 0 1 000 2 000 3 000 4 000 5 000 1 What is the equilibrium price of Nike shoes a 50 b 60 C 70 d 80 2 What is the amount of Nike shoes consumers are willing to buy and suppliers are willing to supply at 70 a 1 000 shoes b 2 000 shoes c 3 0000 shoes d 4 000 shoes 3 What is the quantity supplied at 60 a 1 000 shoes b 2 000 shoes c 3 000 shoes d 4 000 shoes 4 What is quantity demanded at 90 a 1 000 shoes b 2 000 shoes c 3 000 shoes d 4 000 shoes 5 What situation occurs when Nike sets their price to 80 Shortage Surplur

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