9. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for shirts. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. (?) Graph Input Tool Market for Shirts 100 I Price Dollars per Shirt) Quantity Bemanded (Shirts) 30 06 Supply 80 Quantity Supplied (Shtrts) 500 210 70 60 50 Demand 40 30 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Shirts) The equilibrium price in this market is $ per shirt, and the equilibrium quantity is shirts bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Shortage or Surplus Amount (Shirts) Price (Dollars per shirt) Shortage or Surplus Pressure 60 40 Save & Continue Grade It Now Continue without saving PRICE (Dollars per shirt)

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