Price Quantity Demanded Quantity Supplied Surplus (+) or Shortage (–) $12 7 9 $11 8 8 $10 9 7 $9 10 6 $8 11 5 $7 12 4 · Identify whether the number is a surplus, shortage, or neither. · What is the efficient quantity? · What price results in the efficient quantity? Using the data from the table, draw graphs of a demand and supply curve and indicate the point of equilibrium with the help of the Grapher tool. Press the Alt+PrintScrn keys simultaneously. Open a Microsoft Word document and insert the image by pressing the Ctrl+V. · Suppose a price ceiling of $8 is established. Does a surplus or shortage result? What is the amount of surplus or shortage? · Suppose a price ceiling of $12 is established. What is its effect? · Suppose a price floor of $12 is established. Explain its effect.