question 2. I need help. ssigment:utei73347 1course id 254908 18user id-166544-1

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question 2. I need help.

ssigment:utei73347 1course id 254908 18user id-166544-1 Assignment 3 (Chapters 8, 9, 10) 1. The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $30. $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: S10 S12. S20. S24. and $29. What is the equilibrium price and quantity in this market? 2. a. In the accompanying diagram (which represents the market for chocolate candy bars), the initial equilibrium is at the intersection of S1 and D1. Circle the new equilibrium if there is an increase in cocoa prices. b. In the same diagram, the initial equilibrium is at the intersection of S1 and D1. Circle the new equilibrium if there is rapid economic growth. S2 D3 D1 02 scribe the difference in econonuc profit berween a competitive firm and a monopolist in both the Which should take longer to reach the long-run equulibuum 3 Des ompettre firm and a monopolist in both the short and Jong nm

Explanation / Answer

. A condition in which all acting influences are canceled by others, resulting in a stable,balanced, or unchanging system.

2. Mental or emotional balance.

3. Physics The state of a body or physical system at rest or in unaccelerated motion inwhich the resultant of all forces acting on it is zero and the sum of all torques about any axisis zero.

4. Chemistry

a. The state of a chemical reaction in which its forward and reverse reactions occur atequal rates so that the concentration of the reactants and products does not changewith time.

b. The state of a system in which more than one phase exists and exchange betweenphases occurs at equal rates so that there is no net change in the composition of thesystem.

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