Consider a fishing community...

Consider a shing communityr with a large number ofindividually-operated shing boats. All of the boats are the same and catch the same type and quality of fish. The boats are simple and are not considered a major cost. Market demand for the sh is given by P = 120 Q. where P is the price per kilogram of sh. Assume that the fishing boats have no fixed costs but do have a constant marginal cost of $10. a. Describe the relevant evidence that supports using perfect competition as a model for this market. b. What are the conclusions of the model for this market, i.e. what would be the equilibrium market quantity and price? c. Calculate the prot and consumer surplus in this market. Communicate {explain} what this means for rms and consumers in the market