The following graph shows the monthly demand and supply curves in the market for teapots.
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.
The equilibrium price in this market is $_____ per teapot and the equilibrium quantity is _____ teapots 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 and downward pressures on prices.
|Price ( dollars per teapot||Shortage or surplus||Shortage or surplus amount (teapots)||Pressure|