Answer:
1. It is at equilibrium
2. Shortage of product as demand is more and supply is less.
Step-by-step explanation:
1. When the price is $600
When the price of the product is $600, then the quantity which is supplied is in between the 40 and 50 or it could be exact 50. And it states the point of equilibrium where the Demand of the product and the supply of the product is equal.
2. When the price is $200
When the price the product is $200, then the quantity which is supplied is 30 and the demand for the product is 70. So, the demand is high for the product but there is shortage of product as the supply is only 30 which is less than the demanded quantity of the product.
Note: The graph is not so exact so in 1st part, the point is not so clear that is why I mentioned in between 40 or 50.