The table shows the demand and supply schedules for gum.

Quantity demanded Quantity supplied (packs of gum per week)

Price (cents per pack) 20 180 60 140 100 40 100 140 180 60 80
60 100 20 220 Draw a demand curve and a supply curve using
the numbers in the table. Label the curves. Draw a point to show
the equilibrium price and equilibrium quantity. Now suppose
that the price is 60 cents a pack. Describe the situation in the
gum market and explain how the price adjusts. If the price is 60
cents a pack, there is a of gum, so the price of a pack of gum
OA. shortage; falls O B. surplus; falls O C. surplus; rises O D.
shortage; rises As the market moves toward the equilibrium
price, the quantity demanded and the quantity supplied A.
increases; decreases B. decreases; increases O C. increases:
increases O D. decreases: decreases Click the graph, choose a
tool in the palette and follow the instructions to create your
graph. MacBook esc 000 000 F4 F1 F2 F3 F5 # $ 1 2 3 4 5 6
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This Quiz: 58 pts Question He Price (cents per pack) 120- 100-
80- 60- 40- 20- 0+ C 120 160 80 200 240 40 Quantity (packs of
gum per week) >>Draw only the objects specified in the
question. ok Pro of