Question

The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $26, $14, $10, $5, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $14, $26, $34, and $42 (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 ($ PER WIDGET)	QUANTITY DEMANDED (WIDGETS)	QUANTITY SUPPLIED (WIDGETS)
$2
$5
$10
$14
$26
$34
$42

In this market, the equilibrium price will be ______ per widget, and the equilibrium quantity will be _______(IN # OF WIDGETS) widgets.

Answer 1