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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 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. PRICE (Dollars per shirt) 882 283 2 100 Graph Input Tool Market for Shirts Price 30 Supply (Dollars per shirt) Quantity 500 Demanded (Shirts) Quantity Supplied (Shirts) 210 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Shirts) The equilibrium price in this market is per shirt, and the equilibrium quantity is shirts 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 (Dollars per shirt) Shortage or Surplus Shortage or Surplus Amount (Shirts) Pressure 60 40
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