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kayrez
Nov 2, 2011, 05:28 PM
Assume the market for apples is perfectly competitive. Total output in the apple market is 5.1 million crates. The price of a crate of apples is $27.65. The average total cost of a crate of apples is $24.51. Draw and label the graphs for the apple market and a typical firm in the apple market. Is the apple market in long-run equilibrium? Explain carefully.