Can someone help me answer this, it'll be a great help! Thank you!

Fill in the blanks.

1. In the law of demand, as price ____________, the quantity demanded for that product decreases"?

• decreases
• increases
• equal
• sustain

2. Market equilibrium is attained when the quantity demanded is _____ to the quantity supplied.

• inversely proportional
• directly proportional
• greater
• equal

3.In a law of supply, if there is increase of price, most likely the producer will supply ______________.

• equal
• more
• decrease in value
• less

4. In demand, there is a inversely proportional relationship of _________ and quantity.

• price
• supply
• quality
• directly proportion

5. Surplus happened when there is a _________ demand and high supply.

• greater
• equal
• high
• low

4. Explain the equilibrium price in this figure: Price (dollars) 10 2 D O 100 200 300 400 500 600 Quantity Guide Question: At what price, the consumer and supplier meets? What is the indicator of equilibrium point? How important is the determination of equilibrium price