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Assume that the market is perfectly competitive and that the market is in an equilibrium where typical companies are earning zero economic profits.
1. Draw a perfect competition market diagram for the sugar market, with a demand and supply diagram on the left and the typical company on the right side.
2. Now, assume that the market has changed and that there has been an increase in popularity for sweets so that sugar has become much more popular. Show what is likely to happen in the market and to a typical sugar company. (Make sure the drawings - market and typical company - is accurate.)
3. What are some of the efficiency situations at this point in the process.
4. What is likely to happen in the market and the effect it will have on the typical sugar company.
5. What happens to market efficiency, in the long-run.
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