Consider a perfectly competitive market for wheat in Dallas. There are 60 firms in the industry, each of which has the cost curves shown on the following graph: Hint Use the black point (plus symbol) to view the coordinates of the points on the AVC, AC, and MC curves, You will not be graded for any changes made to this graph. 100 90 MO 00 70 60 50 40 30 20 1O 10 15 20 25 30 5 40 45 60 OUTPUT Thousands of bushals COST (Cents per bushe The folowing graph shows the market demand for wheat. Use the orange points (souare symbol) to plot the short-run industry supply curve for the wheat industry. Specificaly, place an orange point at the fowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would Me them connected. une segments wil connect the points automatically) Then, place the black pont (plus symbol) on the graph to indicate the short-run eguilbrium price and quantity in this market. (Note: Dashed drop ines will automatically extend to both anes.) 100 Demand 90 00 Bupply Curve 70 60 Equilibnum 50 40 30 20 10 200 600 900 1200 1500 1900 2100 2400 2700 3000 QUANTITY (Thousands ofbusheis) At the current short-run market price. firms will in the short run. Ir the long nun martet giveri the current market price the PRICE (Cenes per bushet