1 2 3 4 5 6 7 & 9 10 quantity 1. Refer to Figure 4-18. What 1s the equilibrium price in this market? $10 $7.50 $5 The equilibrium price cannot be determined from this graph. oo 2. Refer to Figure 4-18. What is the equilibrium quantity in this market? 0 10 units 8 units 5 units a0 o 3. Refer to Figure 4-18. At a price of $6, there is a a. surplus of 2 units. b. surplus of 4 units. c. shortage of 4 units. d. shortage of 2 units. 4. Which of the following events must result in a higher price in the market for Snickers? a. Demand for Snickers increases, and supply of Snickers decreases. b. Demand for Snickers and supply of Snickers both decrease. . Demand for Snickers decreases, and supply of Snickers increases. d. Demand for Snickers and supply of Snickers both increase Your boss asks you to examine the supply & demand for lumber analyze the change that will occur in equilibrium price because of damage to trees and to homes/buildings after a major Hurricane makes landfall. You will need to.... a. decide how much to shift the demand curve. b. decide whether the storm affected demand and supply. c. graph the shift to see the effect on equilibrium. d. All the above