Consider the market for plums as perfectly competitive.  Please use perfect competition explanation and diagrams when answering this question. (please include a detailed/numbered diagram) You are hired as a microeconomist by the United States government to analyze the plum market.  You receive the following task: Question: 1. We have noticed that the price of plums is skyrocketing.  Do you think that the price will remain high? Should we impose price controls that force prices to be low? Why? Why not?"

MACROECONOMICS FOR TODAY
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Chapter3: Market Demand And Supply
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Consider the market for plums as perfectly competitive Please use perfect competition explanation and diagrams when answering this question. (please include a detailed/numbered diagram)

You are hired as a microeconomist by the United States government to analyze the plum market.  You receive the following task:

Question:

1. We have noticed that the price of plums is skyrocketing.  Do you think that the price will remain high? Should we impose price controls that force prices to be low? Why? Why not?"

 

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