In the widget market, currently 100 widgets are being sold. At this quantity, consumers are willing to pay $7, and sellers are willing to accept $7. What must be true in the widget market?

Question

Quizplus · Accepted Answer

The market is in equilibrium because the quantity that consumers are willing to buy equals the quantity that sellers are willing to sell, and the price consumers are willing to pay equals the price sellers are willing to accept.

In the Widget Market, Currently 100 Widgets Are Being Sold