Assume agricultural products are identical and there are many sellers and buyers of agriculture products: State the profit-maximizing condition for each seller of agricultural products. Graphically, it shows the market equilibrium of the industry and a seller where economic profits equal zero. Please include marginal revenues, demand curve, price, and quantity at the equilibrium. From part b above, if the number of buyers increases, show the new short-run equilibrium for a seller and the industry as a whole.

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