Question: In Problem, suppose that the demand for widgets doubles (so that, for example, on the new demand curve, prices of $2, $3, and $5 go

In Problem, suppose that the demand for widgets doubles (so that, for example, on the new demand curve, prices of $2, $3, and $5 go with quantities of 1,000, 800, and 600).

a. In the short run, what is the new price of a widget?
b. In the long run, what is the new price of awidget?

Industry-Wide Demand Price Firm's Marginal Cost Curve Quantity Quantity 500 400 300 200 100 50 25 10 Marginal Cost $2 $2 12 12 15 15

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