6. Supply and Demand The market for widgets has a perfectly inelastic supply curve. The demand curve is neither perfectly elastic nor perfectly elastic. The equilibrium price is $5 with 50 widgets sold. (a) Represent this market in a suitably labelled graph. . (b) The government passes two laws simultaneously. The first law reduces taxes for producers of widgets. The second law fixes the price of widgets at $5. Show the combined effect of these policies on the market for widgets