Business, 21.09.2020 08:01 snikergrace

The Ruritanian Ministry of Health has discovered that widgets, a biological cousin to widgets, have important positive side effects. To ensure that all Ruritanian citizens can afford to buy widgets, they have set a ceiling price of 2 kroner per wodget. Not surprisingly, since the equilibrium price is 4 kroner, a black market has developed for wodgets. Required:
a. What is the quantity demanded of wodgets at 2 kroner?
b. What is the excess supply at a price of 2 kroner?

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The Ruritanian Ministry of Health has discovered that widgets, a biological cousin to widgets, have...

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