Market Scenario: It was possible to walk into a store Saturday and buy an iPhone 5, but it took some hunting.
Some stores reported having Apple's newest phone available for walk-up customers, though not all versions of it. A random check of about a dozen stores indicated that most were sold out.
A Verizon store in New York City said the 32 and 64 gigabyte models, but not the 16 GB version were available. A Sprint store in a suburb of St. Paul Minnesota, said all but the most expensive 64 GB iPhone 5s were sold out. "Before we were scheduled to open we were pretty much out", said Eric Rayburn a worker a ta Sprint store in Phoenix. There were long lines Friday at Apple stores in Asia, Europe and North America as customers pursued the new smartphone.
NOTE: if price is below equilibrium, the quantity demanded exceeds the quantity supplied. The willingness to pay the advertised (list) price of $199 for an iPhone 5 didn't ensure its purchase. Demand great exceeded the quantity supplied. To get an iPhone 5, people had to spend hours in line or pay a premium price in resale markets like eBay.
Problem: Show graphically the market situation for the iPhone 5 in September 2012.
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