the widget industry is perfectly competitive the, Accounting Basics

the widget industry is perfectly competitive the

The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.

Q_d = 424 - 40P

Q_s = 40 + 8P

a. What is the equilibrium price and quantity for the industry?

b. If the government establishes a price floor of $9, explain what will result in terms of excess demand or supply.

c. If the government establishes a price ceiling of $6, explain what will result in terms of excess demand or supply.

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