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  3. the following graph shows the monthly demand and supply curves...

Question: the following graph shows the monthly demand and supply curves...

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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. Enter an amount into the Price field to see the quantity demanded and quantity suppiied at that price. You will not be graded on any changes you make to this graph. Graph Input Tool Market for Hats 100 90 80 70 60 50 40 30 20 10 Price (Dollars per hat) 30 uanti 500 uantity Supplied Suppy Hats) 50 100 150 200 250 300 350 400 40 500 QUANTITY (Hals) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats bought and sold per monthPrice 30 (Dollars per hat) 80 70 60 50 uant 500 uantity Supplied Hats) 30 20 10 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Has) The equilibrium price in this market is $ per hat, and the equilibrium quantity is hats bought and sold per month Complete the foflowing 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. Price (Dollars per hat) 40 60 Shortage or Surplus Amount (Hats) Shortage or Surplus Grade It Now Save & Continue Continue without saving

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