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. 60 48 42 36 30 24 18 PRICE (Dollars per calendar) 12 The equilibrium price in this market is + Suppl Graph Input Tool Market for Calendars / | Price 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Calendars) $30 (Dollars per calendar) Quantity Quantity Supplied Demanded 620 (Calendars) 200 (Calendars) per calendar, and the equilibrium quantity is 500 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 42 Surplus 300 Downward 18 Shortage 300 UpwardComplete 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 4 pressure on prices. Price Shortage or Surplus Amount Surplus (Dollars per calendar) Sh' rplus (Calendars) Pressure 42 Surelus V 300 Downward v 18 Shortage V 300 UEward V 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. Downward Price Shortage or Surplus Amount Upward (Dollars per calendar) Shortage or Surplus (Calendars) 42 Surplus 300 Downward 18 Shortage 300 Upward