The canola farming industry is perfectly competitive. Assume that it is in long-run equilibrium at quantity Q0 and price P0. Assume also that it is a constant-cost industry.   a) Draw a supply and demand diagram for the canola market showing this equilibrium b.) draw diagram for a typical canola growing farm in its initial long run equilibrium, showing its Marginal Cost, Average Total Cost, and Long Run Average Cost curves. Are there any profits being made by this firm?

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