Question: Perfect competition 1. On the axes below, draw graphs for a perfectly competitive market for apples and an individual farmer in that market. Assume the

Perfect competition 1. On the axes below, draw graphs for a

Perfect competition 1. On the axes below, draw graphs for a perfectly competitive market for apples and an individual farmer in that market. Assume the market is producing at its long-run equilibrium level of output. Explain the situation experienced by the individual farmer when the market is in its long-run equilibrium. 2. The price of pears, a close substitute for apples, rises. Illustrate and explain the short-run effect of higher pear prices on the market for apples and for a typical apple farmer

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