Question Details

(Solution Download) Price Column 1 Column 2 $5 11 92 $6 36 68 $7 50 50 $8 73 37 $9 88 26 $10 102 9 1. Based on the obser


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price

 

 

Column 1

 

 

Column 2

 

 

$5

 

 

11

 

 

92

 

 

$6

 

 

36

 

 

68

 

 

$7

 

 

50

 

 

50

 

 

$8

 

 

73

 

 

37

 

 

$9

 

 

88

 

 

26

 

 

$10

 

 

102

 

 

9

 

 

1. Based on the observed data contained in the table, one can

 

infer that column 1 depicts a ________ relationship while column 2

 

shows a __________ relationship.

 

demand; supply

 

supply; supply

 

demand; demand

 

supply; demand

 

 

2.) The observed equilibrium price is __________ with an

 

equilibrium quantity of _________.

 

$7; 50 units

 

$8; 110 units

 

$5; 11 units

 

$7; 100 units

 

 

3.) If the observed price is $6, then a ______________ of

 

___________ units would prevail.

 

surplus; 68

 

shortage; 32

 

shortage; 36

 

surplus; -32

 

 

4.) If the observed price is $10, then a ______________ of

 

___________ units would prevail.

 

shortage; 9

 

surplus; 102

 

surplus; 93

 

surplus; 111

 


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