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Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where

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Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm's equilibrium quantity is 50. Explain the ollowing situations graphically and in words (Draw and label side-by-side graphs for each)

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