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1. Market equilibrium The following table shows the annual demand and supply in the market for shoes in Montreal. Price (Dollars per pair of
1. Market equilibrium The following table shows the annual demand and supply in the market for shoes in Montreal. Price (Dollars per pair of shoes) 100 Quantity Demanded (Pairs of shoes) 2,200 1,600 1,200 800 400 Quantity Supplied (Pairs of shoes) 1,000 1,800 2,000 2,400 Based on the preceding table, plot the demand for shoes on the following graph using the blue points (circle symbol). Next, plot the supply of shoes using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium once and quantity in the market for shoes.
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