The document contains a table with price data in two columns. Column 1 shows a direct relationship between price and quantity, indicating demand. Column 2 shows an inverse relationship between price and quantity, indicating supply. The equilibrium price is $7 with an equilibrium quantity of 50 units. At a price of $6 there would be a shortage of 36 units. At a price of $10 there would be a surplus of 93 units.

1. 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.

2. 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
Price
Column 1
Column 2
$5
11
92
$6
36
68
$7
50
50
$8
73
37
$9
88
26
$10
102
9
Solution
a) supply; demand
2) $7; 50 units

3. 3) shortage; 32
4) surplus; 93