The widget market is competitive and includes no transaction costs.

 

The widget market is competitive and includes no transaction costs. Suppliers are willing to sell five widgets at $30, four at $29, three at $20, two at $16, and one at $12. Buyers are willing to buy five widgets at $10, four at $12, two at $24, and one at $29. What is the equilibrium price and quantity in this market? Draw a supply and demand curve showing equilibrium.