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The weekly demand and supply schedules for T-shirts (in millions) in a free market are as in the below image : A) What are the
The weekly demand and supply schedules for T-shirts (in millions) in a free market are as in the below image : A) What are the equilibrium price and quantity? (2 Marks) B) Assume that changes in fashion cause the demand for T-shirts to rise by 4 million at each price. What will be the new equilibrium price and quantity? Has equilibrium quantity risen as much as the rise in demand? Explain why or why not (10 Marks) *
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