8) Use the following graph to answer the following: 120860 Price $14 0 Price 4 2 Demand 10 20 30 40 50 60 Quantity deman

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8 Use The Following Graph To Answer The Following 120860 Price 14 0 Price 4 2 Demand 10 20 30 40 50 60 Quantity Deman 1 (97.36 KiB) Viewed 22 times

8) Use the following graph to answer the following: 120860 Price $14 0 Price 4 2 Demand 10 20 30 40 50 60 Quantity demanded (Qd) and Quantity supplied (Qs) 0 Supply Equilibrium Price Equilibrium Quantity At each price listed, indicate a surplus or shortage and the amount: $8 $4 $2 9) Explain the law of demand, the law of supply, and market equilibrium. (15 %) Answer question 10 using the following graph. S₁ (20 %) Quantity 10) Explain when we would identify supply by moving along the curve, using "Y" and X" and then explain when we would shift from S1 to S2 to identify supply. (10 %)