The following table shows the supply and demand in the market for bottled water in Auckland.

Price ($ per bottle)	Quantity Demanded (Bottles per week)	Quantity Supplied (Bottles per week)
1	2400	1400
2	2100	1600
3	1800	1800
4	1500	2000
5	1200	2200

Imagine a scenario in which the market price was $1 per bottle in the market for bottled water. At this price, there would be a Answer=

shortage of 500 bottles per week

surplus of 500 bottles per week

shortage of 1000 bottles per week

surplus of 1000 bottles per week which would exert

Answer= upward

downward

pressure on prices.

Now imagine a scenario in which the market price was $4 per bottle in the market for bottled water. At this price, there would be a

Answer = shortage of 500 bottles per week

surplus of 500 bottles per week

shortage of 1000 bottles per week

surplus of 1000 bottles per week which would exert

Answer = upward

downward pressure on prices.

In the market for bottled water, the equilibrium price is

Answer = $1

$2

$3

$4

$5 per bottle and the equilibrium quantity is

Answer = 2000

1800

1500

2100 bottles per week.