In the following figure, how many pounds of sugar are sellers willing to sell at a price of $20? How much is demanded at this price? What is the buyer€™s willingness to pay when the quantity is 20 pounds? Is this combination of $20 per pound and a quantity of 20 pounds an equilibrium? If not, identify the unexploited gains from trade.

Transcribed Image Text:

Price of sugar per pound Supply $45 20 Demand 20 30 40 Quantity of sugar (pounds)