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The following graph shows the monthly demand and supply curves in the market for hats. Use the graph input tool to help you answer the

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The following graph shows the monthly demand and supply curves in the market for hats. Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. You will not be graded on any changes you make to this graph. Graph Input Tool (? ) 100 Market for Hats Price 20 Supply (Dollars per hat) Quantity 310 Quantity Supplied 190 Demanded (Hats) (Hats) PRICE (Dollars per hat) Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats 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 hat) Shortage or Surplus (Hats) Pressure 60 40

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