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Suppose that in America, the market for watermelon is perfectly competitive. Over the years, prices of inputs used in watermelon production have declined. However, at

 

Suppose that in America, the market for watermelon is perfectly competitive. Over the years,  prices of inputs used in watermelon production have declined. However, at the same time,  people have gradually changed their taste and preferred melon to watermelon as melon provides a better taste. Analyze the impacts of these changes on market price and quantity in the watermelon market in America. Support the answers with diagrams

 
 

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