9. Market equilibrium and disequilibrium

9. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for teapots. 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 Teapots Price 24 (Dollars per teapot) Supply Quantity 500 Quantity Supplied 0 Demanded (Teapots) (Teapots) PRICE (Dollars per teapot) Demand 0 50 100 150 200 250 300 350 400 480 500 QUANTITY (Teapots) The equilibrium price in this market is |$ per teapot, and the equilibrium quantity is teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage of 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 teapot) Shortage or Surplus (Teapots) Pressure 48 32