In a competitive market for toilet paper, the highest price consumers are willing to pay is $12 per pack and the lowest price producers are willing to accept is $7 per pack. The market is in equilibrium where the price is $8 per pack, at which 10 million packs are sold. Assume that both demand and supply curves are straight lines. 1. The market above is efficient when the quantity of toilet paper traded is _____ million packs.

In a competitive market for toilet paper, the highest price consumers are willing to pay is $12 per pack and the lowest price producers are willing to accept is $7 per pack. The market is in equilibrium where the price is $8 per pack, at which 10 million packs are sold. Assume that both demand and supply curves are straight lines. 1. The market above is efficient when the quantity of toilet paper traded is _____ million packs.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 5SQP

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