Question
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $24, $14, $8,
The widget market is competitive and includes no transaction costs.
Five suppliers are willing to sell one widget at the following prices: $24, $14, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $14, $24, $30, and $34 (one buyer at each price).
For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied.
Price Quantity Demanded Quantity Supplied
($ per widget) (widgets) (widgets)
$2 __________ __________
$4 __________ __________
$8 __________ __________
$14 __________ __________
$24 __________ __________
$34 __________ __________
In this market, the equilibrium price will be _______ per widget, and the equilibrium quantity will be_______ widgets.
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