12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for shirts. 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 80 Market for Shirts 72 Supply 54 16 56 Price (Dollars per shirt) Quantity Demanded (Shirts 310 Quantity Supplied (Shirts) 100 48 PRICE (Dolars per shit 40 30 Demand 16 1 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Shirts) The equilibrium price in this market is 5 per shirt, and the equilibrium quantity is shirts bought and sold per month Complete the following table by delicating 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 (Dollars per shirt) Shortage or Surplus 32 Shortage or Surplus Amount (Shirts) Pressure 48 Grade It Now Save & Continue Continue without saving