3. We will explore the idea of the equilibrium market price and equilibrium quantity. The market-clearing or "equilibrium price" is a price that ensures that all potential profitable trades will have taken place. At equilibrium, the amount offered to the market (quantity supplied) equals the amount purchased (quantity demanded). Where the demand curve crosses the supply curve sets the equilibrium price and the equilibrium quantity. That price and quantity is what the market process should end up with, if it is working correctly. Given the two graphs you have drawn, what would be the theoretical or predicted equilibrium price and equilibrium quantity for wheat in Session 1? Peg In session 2? Peg_ _Qeq [The prediction is where the Supply and Demand curves cross]. The actual average market price and quantity traded is in excel sheet. Did the market process (the open outcry auctions for wheat) actually get close to the predicted prices and quantities? Do the experimental results match what happened in the market model? Why or why not