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Suppose that production of wheat is a perfectly competitive market / industry. Given the following information currently for the wheat market:Price = $5.50 per bushel
ATC = $6.00 per bushel
AVC = $5.00 per bushel
Where ATC is average total cost and AVC average variable cost.
Should these firms shut-down and sell their farms? What will happen in the long-run to these producers and thus the market / industry in terms of their profits / losses? Explain your answer by reference to specific market rules and to the adjustment process.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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