Suppose the demand function (D) for golf clubs is: Q = 240-1.00P, where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands.

Suppose the supply curve (S) for golf clubs is estimated to be: Q = 1.00P.

Calculate the equilibrium price for golf clubs and the equilibrium quantity sold.

The equilibrium price is $____ per club, and the equilibrium quantity is ____ thousand clubs.

Suppose instead that golf club producers agree to charge a price of $140 per club. This would result in a ______ (shortage, surplus) of ____ thousand clubs.