Supply 24 64 (Dollars per hat) Quantity Demanded 500 Quantity Supplied (Hats 150 (Hats) PRICE (Dollars per hat) Demand 24 16 00 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats 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 or downward pressure on prices. Downward Price Shortage or Surplus Amount Upward (Dollars per hat) Shortage or Surplus ( Hats) 48 32 Grade It Now Save & Continue Continue without savingSupply (Dollars per hat) 24 64 Quantity 500 Quantity Supplied 150 Demanded (Hats) (Hats) 40 PRICE (Dollars per hat) Demand o 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats 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 up nward pressure on prices. Shortage Price Shortage or Surplus Amount Surplus (Dollars per hat) Sho urplus ( Hats) Pressure 48 32 Grade It Now Save & Continue Continue without savingAttempts Keep the Highest / 2 12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for hats. 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 80 Market for Hats Supply Price 24 (Dollars per hat) 64 Quantity 500 Quantity Supplied 150 56 Demanded (Hats) (Hats) PRICE (Dollars per hat) Demand O 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats)