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3. Market Equilibrium and Disequilibrium

The following graph shows the monthly demand and supply curves in the market for keyboards. 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. The equilibrium price in this market is  per keyboard, and the equilibrium quantity is   keyboards 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.

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The demand and supply intersect at $40 per keyboard and 250 units of keyboards. Thus, the equilibrium price is $40 per keyboaNow, suppose that price decreased to $32 per keyboard. In this case, quantity supplied is less than the quantity demanded. AtSummary Blank 1: $40 Blank 2: 250 Keyboards Р Shortage/Surplus Amount Pressure Shortage 250 Upward 48 Surplus 250 Downward

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