The equilibrium price in this market is 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. $50 per teapot, and the equilibrium quantity is 250 teapots bought and sold per month. Price (Dollars per teapot) Shortage or Surplus 40 60 Surplus Shortage Shortage or Surplus Amount (Teapots) 50 $100 Pressure Downward Upward

The equilibrium price in this market is 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. $50 per teapot, and the equilibrium quantity is 250 teapots bought and sold per month. Price (Dollars per teapot) Shortage or Surplus 40 60 Surplus Shortage Shortage or Surplus Amount (Teapots) 50 $100 Pressure Downward Upward

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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