Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
a. What is the equilibrium price and the equilibrium quantity?
b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
Definitions:
Versailles Peace Conference
A meeting held in 1919 at the end of World War I, leading to the Treaty of Versailles, which imposed heavy penalties on Germany and sought to prevent future conflicts.
Woodrow Wilson
The 28th President of the United States (1913-1921), known for leading the country during World War I, advocating for the League of Nations, and implementing progressive domestic policies.
League of Nations
An international organization founded after World War I to promote world peace and cooperation, but was ultimately unable to prevent World War II, leading to its replacement by the United Nations.
Treaty of Versailles
The peace treaty that ended World War I, signed in 1919, which imposed heavy reparations and territorial losses on Germany, contributing to economic hardship and political instability in Germany.
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