and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Calendars) Pressure (Dollars per calendar) Shortage or Surplus 32 48

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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The equilibrium price in this market is
$40 per calendar, and the equilibrium quantity is
250 calendars 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.
Price
Shortage or Surplus Amount
(Dollars per calendar)
Shortage or Surplus
(Calendars)
Pressure
32
48
Transcribed Image Text:The equilibrium price in this market is $40 per calendar, and the equilibrium quantity is 250 calendars 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. Price Shortage or Surplus Amount (Dollars per calendar) Shortage or Surplus (Calendars) Pressure 32 48
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