Review figure 3.4 in the textbook. Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of $1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Will demand curves have the same exact shape in all markets? If not, how will they differ? What does an upward-sloping supply curve mean about how sellers in a market will react to a higher price? Will supply curves have the same shape in all markets? If not, how will they differ? Does a price ceiling keep a price from going higher or from going lower? Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music players) on the equilibrium price and quantity of the Sony Walkman (or other portable audio cassette players).