The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both aves.) 100 Demand Supply Curve 70 Equitrum 10 400 s00 1200 100 2000 2400 2000 1200 00 000 QUANTITY (Thousands of busheis) At the current short-run market price, firms will in the short run. In the long run, the market PRICE (Certs per bushel) 需
The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both aves.) 100 Demand Supply Curve 70 Equitrum 10 400 s00 1200 100 2000 2400 2000 1200 00 000 QUANTITY (Thousands of busheis) At the current short-run market price, firms will in the short run. In the long run, the market PRICE (Certs per bushel) 需
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section22.1: The Theory Of Perfect Competition
Problem 4ST
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At the current short-run market price, firms will 1. (shut down, produce) in the short run. In the long run, 2. (firms will neither enter nor exit, some firms will exit, some firms will enter) the market given the current market price.
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