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. Graph Input Tool (? Market for Calendars Supply Price 24 (Dollars per calendar) Quantity 500 Quantity Supplied 150 Demanded (Calendars) Calendars) PRICE (Dollars per calendar) Demand 0 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. 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