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Blueberry is a differentiated product with many sellers in the market. The blueberry farmers have had a very bad year due to bad weather. At
Blueberry is a differentiated product with many sellers in the market. The blueberry farmers have had a very bad year due to bad weather. At the same time, increasing numbers of people look forward to having blueberries in the summer season at Christmas time. Questions According to the above information, what type of market structure is the blueberry production firms in the country? Discuss the characteristics of this type of market structure. (2 marks] Based on your answer to the previous question, if the current blueberry market generates economics profit in the short run, discuss how the blueberry market and the representative firm would adjust back to the long-run equilibrium. [2 marks] What is the factors) affecting the demand for blueberry? How is this going to affect the demand curve? [2 marks] What is the factor(s) affecting the supply of blueberry? How is this going to affect the supply curve? [2 marks] What will happen to the ultimate change in the equilibrium price (Pe) and the quantity (Qe) of blueberry in the country after taking all these factors into account. [2 marks]
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