Gandy's Fruit and Vegetable Corner competes in a perfectly competitive market. They feel the going price of most of their fruit is just too low and decide to raise the prices.

- Describe this market in economic terms and describe what will happen to the quantity demanded for Gandy's fruit.

- Now assume Gandy moved to another part of the country and was able to earn an economic profit. Describe what would happen in that overall market as a result.

- How, if at all, has Gandy's situation changed as a result of the move?