The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $20, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $20, $32, and $44 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied
($ per widget) (widgets) (widgets)
$2
$4
$8
$12
$20
$32
$44
In this market, the equilibrium price will beper widget, and the equilibrium quantity will bewidgets.

4

Explanation:

The completion of the table is shown below;

Price                   Quantity Demanded               Quantity Supplied

($ per widget)             (widgets)                               (widgets)

$2                                     5                                                1

$4                                     5                                               2

$8                                     5                                               3

$12                                   4                                                4

$20                                  3                                                5

$32                                  2                                                5

$44                                 1                                                 5

As we can see that at the price of $12 the quantity demanded is equivalent to the quantity supplied i.e 4 so here the equilibrium quantity is 4 for the widgets

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