12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for teapots.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 ToolMarket for Teapots6054Price(Dollars per teapot)1848SupplyQuantityDemanded(Теарots)Quantity SuppliedTeapots)1,00042042363024Demand18126100 200 300 400 500 600 700 800 900 1000QUANTITY (Teapots)The equilibrium price in this market is $per teapot, and the equilibrium quantity isteapots 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.PriceShortage or Surplus Amount(Dollars per teapot)Shortage or Surplus(Теаpots)Pressure1842PRICE (Dollars per teapot)

Here, demand and supply curve of teapots are given to explain the teapot market.

Answered: 12. Market equilibrium and…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 11PA

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Similar questions

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12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for calendars. 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.
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