1.Interpreting the Graph: The figure below illustrates supply and demand curves for t-shirts If the actual price of a t-shirt is $7, there is an excess supply of __________ t-shirts. 2. Relax Price...

1.Interpreting the Graph: The figure below illustrates supply and demand curves for t-shirts If the actual price of a t-shirt is $7, there is an excess supply of __________ t-shirts.

2. Relax Price Control. Use a demand and supply graph to illustrate the effects of relaxing a minimumprice policy by allowing the price to decrease and narrow the gap between the controlled price and the equilibrium price. (Related to Application 3 on page 102.)