In the market for widgets presented above, there will be. Price Widgets X 10 100 a long run equilibrium excess supply excess demand zero consumer surplus at a price of $12 per widget. Supply Demand Quantity
In the market for widgets presented above, there will be. Price Widgets X 10 100 a long run equilibrium excess supply excess demand zero consumer surplus at a price of $12 per widget. Supply Demand Quantity
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:In the market for widgets presented above, there will be.
Price
10
a long run equilibrium
excess supply
excess demand
Widgets
zero consumer surplus
100
at a price of $12 per widget.
Supply
Demand
Quantity
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