Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -300 + 50p D(p) = 960 - 55p Answer parts (a) through (c). Find the equilibrium price for the T-shirts at this concert. The equilibrium price is (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts. (Type a whole number.) Determine the prices for which quantity demanded is greater than quantity supplied. For the price the quantity demanded is greater than quantity supplied. What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? The price will increase. The price will decrease.
