1. What is the EP 2. At the price of \( \overline{\text { P2 }} \) (sellers, buyers) will (bid-up, lower) the price. 3. What is the revenue if 800 units of supply is purchased? 4. For a surplus of 400 units, the seller could have how much loss? 5. The ceiling price 6. The floor price 7. Extreme shortage occurs at what price? 8. At the price of 10 (sellers, buyers), should (increase, decrease) consumption,(surplus, shortage) occurs, and that can bargain the price

To answer these questions, we need to understand the concepts of equilibrium price (EP), surplus, shortage, ceiling price, floor price, and how they relate to the market. 1. **Equilibrium Price (EP):** - The equilibrium price is the price at which the quantity demanded equals the quantity supplied in the market. 2. **Price Adjustment:** - At the price of \( \overline{\text{P2}} \), sellers will bid up the price, and buyers will lower the price. 3. **Revenue Calculation:** - To calculate the revenue if 800 units of supply are purchased, we need to know the price at which the 800 units are sold. 4. **Loss Calculation:** - For a surplus of 400 units, the seller could have a loss equal to the difference between the price at which the surplus units are sold and the cost of production. 5. **Ceiling Price:** - The ceiling price is the maximum price that can be charged for a good or service. 6. **Floor Price:** - The floor price is the minimum price that can be charged for a good or service. 7. **Extreme Shortage:** - Extreme shortage occurs at the price where the quantity demanded exceeds the quantity supplied. 8. **Price Adjustment at 10:** - At the price of 10, if consumption increases, a shortage occurs, and the price can be bargained down. To provide more accurate answers, we need additional information such as the cost of production, the demand and supply functions, and the initial equilibrium price.