shirts bought and sold per month per shirt and the equilibri

shirts bought and sold per month. per shirt, and the equilibrium quantity is The equilibrium price in this market is $ 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. Shortage or Surplus Amount (Shirts) Price (Dollars per shirt) 32 48 Pressure Shortage or Surplus

Solution

Equilibrium Price is $ 40 per shirt. Equilibrium quantity is 250 shirts bought and sold per month (As the Demand and Supply curve intersect each other) Price Shortage/ Shortage or surplus Pressure Surplus     Amount 32 Shortage 175 Upward 48 Surplus 175 Downward