Suppose that market demand is Q = 660 - 12P and marginal cost is MC = 5. 
Definitions:
Equilibrium Price
The market price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Supply Falls
A situation where the quantity of goods or services available decreases in relation to demand.
Price Floor
A government- or group-imposed price control or limit on how low a price can be charged for a product.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market equilibrium.
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