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The figure represents the market for peaches. Assume the market for + peaches is perfectly competitive and a constant-cost industry. Also 10.00- assume the industry
The figure represents the market for peaches. Assume the market for + peaches is perfectly competitive and a constant-cost industry. Also 10.00- assume the industry is initially in long-run equilibrium. ST 9.00- Then, the demand for peaches decreases, as shown, from D, to D2. 8.00- Use the line drawing tool to draw the new market supply curve ($2) 7.00- and the long-run industry supply curve (SLR). Properly label this line. 6.00- . . . Carefully follow the instructions above, and only draw the required Price and cost (dollars per basket) 5.00--.. objects. 4.00- 3.00- 2.00- 1.00- D D 0.00 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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