1. List the four characteristics of pure competition, AND explain how each one might apply to the business of operating a farm. (6 points)
2. Almonds are the largest permanent crop in Tulare County by planted acres, as of the 2019 crop report¹. The profits of an almond business basically equal the# of Pounds Havestedmultiplied by theSales Price per Poundminus theTotal Costs of Farming.
   1. Imagine that you are an almond grower in Tulare County - what can you doin the short runto maximize the profits of your business? (4 points)
   2. What could you doin the long runas a Tulare County almond farmer, if you are unsatisfied with the profits of your business? (4 points)