Table 2: Market Data
Market
Quantity
Quantity
Prices
Supplied
Demanded
(P)
(Qs)
(Qd)
$5.00
4
13
$7.00
7
11
$9.00
10
9
$11.00
13
7
$13.00
16
5
Refer to Table 2 for the market of a normal good. At the market price (P) of $7.00, there
is a ____ of ____ unit(s), respectively.
shortage; 4
surplus; 4