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 (ANSWER?)

per widget, and the equilibrium quantity will be (ANSWER?) widgets.

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