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Price per Apple $2.00 Supply $1.75 $1.50 $1.25 $1.00 At any price $0.75 below $1.00 - - - per apple, the $0.50 market is out-

Price per Apple $2.00 Supply $1.75 $1.50 $1.25 $1.00 At any price $0.75 below $1.00 - - - per apple, the $0.50 market is out- of-equilibrium. $0.25 - - - Demand X 0 1 2 3 4! 5 6 Quantity of Apples (in thousands of bushels)

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