Description
The following graph shows the monthly demand and supply curves in the market for combs.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
\table[[Market for Combs],[\table[[Price],[(Dollars per comb)]],],[\table[[Quantity],[Demanded],[(Combs)]],\table[[Quantity Supplied],[(Combs)]]]]
The equilibrium price in this market is ◻ per comb, and the equilibrium quantity is ◻ combs 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 and whether this places upward or downward pressure on prices.
Price
(Dollars per comb)
Shortage or Surplus
60
40
Shortage or Surplus Amount
(Combs) q, ◻
Pressure
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