2. The following table represents data on the demand for and supply of “orange juice” at different price levels. Price (SR per bottle) Quantity Demanded (bottles per month) Quantity Supplied (bottles per month) 1 90,000 39,000 2 82,000 42,000 3 70,000 51,000 4 55,000 55,000 5 48,000 65,000 6 40,000 68,000 7 37,000 72,000 Given these data, answer the following: a. Find out the “value” and the “name” of the gap between demand and supply at each price level. (Write the answer in a new column). b. What is the economic consequence at each price level? (Write the answer in a new column). c. Represent diagrammatically Demand curve, supply curve, the market equilibrium point, equilibrium quantity, and equilibrium price. d. In case of disequilibrium, how would the market mechanism work to restore the equilibrium in two opposite cases?
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