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Diagram of the market for groceries

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Reference no: EM131960771

A small town is served by many perfectly competing supermarkets, which have constant marginal cost.

  • Using a diagram of the market for groceries, show the (long-run) equilibrium price and quantity.
  • Mark the deadweight loss in the picture and explain what it is.
  • Show the consumer and producer surplus in the figure, and explain what these terms mean.

 

Reference no: EM131960771

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