The market for pizza has the following demand and supply schedules:

Price

Quantity Demanded

Quantity Supplied

$($Dollars$)$

$($Pizzas$)$

$($Pizzas$)$

$413515$

$511550$

$610075$

$79090$

$860100$

$945105$

Use the blue points $($circle symbol$)$ to graph the demand for pizzas. Then use the orange points $($square symbol$)$ to graph the supply of pizza. Finally, use the black point $($plus symbol$)$ to indicate the equilibrium price and quantity in this market.

Demand

Supply

Equilibrium

$0$

$15$

$30$

$45$

$60$

$75$

$90$

$105$

$120$

$135$

$150$

$10$

$9$

$8$

$7$

$6$

$5$

$4$

$3$

$2$

$1$

$0$

Price of Pizzas

Quantity of Pizzas

If the actual price in this market were above the equilibrium price, quantity supplied would be than quantity demanded, so there would be pressure on prices.

True or False: If the actual price in this market were below the equilibrium price, suppliers could raise the price without losing sales.

True

False