9. Market equilibrium and disequilibriumThe 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 anychanges you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in eachgrey field will change accordingly.(?)Graph Input ToolMarket for Shirts100I PriceDollars perShirt)QuantityBemanded(Shirts)3006Supply80QuantitySupplied(Shtrts)500210706050Demand40301050100 150 200 250 300 350 400 450 500QUANTITY (Shirts)The equilibrium price in this market is $per shirt, and the equilibrium quantity isshirts bought and sold per month.Complete the following table by indicating at each price whether there is a shortage or surplus in themarket, the amount of that shortage or surplus, and whether this places upward or downwardpressure on prices.Shortage or Surplus Amount(Shirts)Price(Dollars per shirt)Shortage or SurplusPressure6040Save &ContinueGrade It NowContinue without savingPRICE (Dollars per shirt)

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Asked Feb 4, 2020
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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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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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Expert Answer

Step 1

Households in the market for shirts represent the demand (dd) side of the shirt and firms represent the supply (ss). The equilibrium price (p) and the quantity of shirts are then determined at the intersection (meeting point) of the dd...

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