Suppose the market for apples is represented by the market supply and marketdemand curves depicted in the graph. Assume this market is perfectlySupply Q5.00-competitive.4.50-What does an individual apple farmer's demand curve look like?4.00-The firm's demand curve is3.50O A. the same as the market supply curve.B. vertical at the equilibrium market quantity.O c. the same as the market demand curve.O D. horizontal at the equilibrium market price.3.00-2.50-2.00-1.50-1.00-0.50-Demand0.00-2'5Quantity (boxes of apples in millions)0.51.53.54.5Price (dollars per box)

Perfect competition is a market structure with many sellers and many buyers. The equilibrium price…

Suppose the market for apples is represented by the market supply and market demand curves depicted in the graph. Assume this market is perfectly Supply Q 5.00 competitive. 4.50- What does an individual apple farmer's demand curve look like? 4.00- The firm's demand curve is 3.50- 3.00- O A. the same as the market supply curve. O B. vertical at the equilibrium market quantity. Oc. the same as the market demand curve. OD. horizontal at the equilibrium market price. 2.50- 2.00- 1.50- 1.00- 0.50- Demand 0.00- 2.5 Quantity (boxes of apples in millions) 0.5 1.5 3.5 4.5 Price (dollars per box)

Suppose the market for apples is represented by the market supply and market demand curves depicted in the graph. Assume this market is perfectly Supply Q 5.00 competitive. 4.50- What does an individual apple farmer's demand curve look like? 4.00- The firm's demand curve is 3.50- 3.00- O A. the same as the market supply curve. O B. vertical at the equilibrium market quantity. Oc. the same as the market demand curve. OD. horizontal at the equilibrium market price. 2.50- 2.00- 1.50- 1.00- 0.50- Demand 0.00- 2.5 Quantity (boxes of apples in millions) 0.5 1.5 3.5 4.5 Price (dollars per box)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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Q23
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