Column2 92 68 50 37 26 9 Column 1 Price $5 $6 $7 $8 $9 $10 36 50 73 102 8. Based

Question

Column2 92 68 50 37 26 9 Column 1 Price $5 $6 $7 $8 $9 $10 36 50 73 102 8. Based on the observed data contained in the table, one can infer that column 1 depicts a relationship. relationship while column 2 shows a a. demand; supply b. supply; supply c demand; demand d. supply: demand with an equilibrium quantity of The observed equilibrium price is a. $7;50 units b. $8; 110 units c. $5; 11 units d. $7:100 units 9. 10. If the observed price is $6, then a of units would prevail. a. surplus; 68 b. shortage; 32 c. shortage; 36 d. surplus;-32

Explanation / Answer

10.

Consider the given problem, here "Column2" shows the quantity demanded at different price and "Column1" be the quantity supplied at different price. So, at P=$6, D=68 and S=36. So, since here D > S, => there is a shortage of amount "D - S = 68 - 36 = 32".

=> there is a "shortage of 32units" at P=$6.

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