## (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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