Answer the question.

Quantity Demanded Price Quantity Supplied 12,000 18,000 13,000 17,000 14,000 CO 16,000 15,000 15,000 16,000 CO 14,000 17,000 LO 13,000 18,000 12,000 The equilibrium price of the product is and the equilibrium quantity is If a seller established a pre-set price of $5 on this product, there would be a (shortage, surplus) units. If a seller established a pre-set price of $8, there would be a (shortage, surplus) units. CY