The equilibrium price in this market is $40 per hat, and the equilibrium quantity is
250 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.
Price
(Dollars per hat)
32
Shortage or Surplus Amount
(Hats)
Shortage or Surplus
Pressure
48