Question: The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $42, $32, $26,

The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $42, $32, $26, $20, and $12 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $12, $20, $26, $32, 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 Quantity Demanded Quantity Supplied
($ per widget) (widgets) (widgets)
$12
$20
$26
$32
$42

In this market, the equilibrium price will be?

per widget, and the equilibrium quantity will be 0,1,2,3,4,5 widgets.?

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