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. Price (Dollars per shirt) Shortage or Surplus 32 48 Shortage or Surplus Amount (Shirts) Pressure
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. Price (Dollars per shirt) Shortage or Surplus 32 48 Shortage or Surplus Amount (Shirts) Pressure
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The equilibrium price in this market is S
per shirt, and the equilibrium quantity is
Price
(Dollars per shirt) Shortage or Surplus
32
48
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)
shirts bought and sold per month.
Pressure
Transcribed Image Text:12. 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.
PRICE (Dollars per shirt)
2233 RZ..
80
64
56
40
32
24
16
Detrand
Supply
0 50 100 150 200 250 300 350 400 450 500
QUANTITY (Shirts)
Graph Input Tool
Market for Shirts
Price
(Dollars per shirt)
Quantity
Demanded
(Shirts)
16
310
Quantity Supplied
(Shirts)
100
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