a? CENGAGE | MINDTAP Homework (Ch 04) 12. 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 eld, the graph and any corresponding amounts in each grey eld will change accordingly. PRICE (Dollars per teapot) Graph Input Tool Market for Teapots I Price (Dollars per teapot) Quantit Deman ed (Teapots) 500 Quantity Supplied (Teapots) 210 Q Search this course 0X a \f"J. ": CENGAGE I MINDTAP Q Search this course Homework (Ch 04) o X 0 l 1 1 l 1I 1 I 1 I 1 l 0 so 101) 150 200 250 300 350 400 450 500 QUANTETY (Teapots) The equilibrium price in this market is per teapot, and the equilibrium quantity is E teapots 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 teapot) Shortage or Surplus (Teapots) Pressure 40 v [:] v 60 v :] v Continue without saving