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 40 60
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 40 60
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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.
Transcribed Image Text: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
40
60
Transcribed Image Text:Graph Input Tool
Market for Calendars
100
90
I Price
(Dollars per
calendar)
20
Supply
80
70
Quantity
Demanded
(Calendars)
Quantity Supplied
(Calendars)
310
190
60
50
40
Demand
30
20
10
50
100 150 200 250 300 350 400 450 500
QUANTITY (Calendars)
The equilibrium price in this market is
per calendar, and the equilibrium quantity is
calendars bought and sold per month.
PRICE (Dollars per calendar)
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