Consider the Supply and Demand Schedules Below to Answer the Questions

Essay

Consider the supply and demand schedules below to answer the questions that follow: $\begin{array}{rrc} \text {Price}& \text { Qty.}& \text { Qty.}\\& \text {Demanded }& \text {Supplied}\\\$ 10 & 0 & 10 \\9 & 1 & 9 \\8 & 2 & 8 \\7 & 3 & 7 \\6 & 4 & 6 \\5 & 5 & 5 \\4 & 6 & 4 \\3 & 7 & 3 \\2 & 8 & 2 \\1 & 9 & 1\end{array}$ (a) In a free market, what will the equilibrium price be?
(b) What will the equilibrium quantity demanded and quantity supplied be?
(c) If price were $2, what would happen? (Discuss in terms of adjustment to equilibrium.)
(d) If price were $7, what would happen? (Discuss in terms of adjustment to equilibrium.)
(e) If price were $5, what would happen? (Discuss in terms of adjustment to equilibrium.)