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1) Assume the market for wheat display's the following characteristics, namely many buyers and sellers, produce identical products and have no barriers to entry or exit.
(a) Assume the wheat industry starts out in the long-run competitive equilibrium. Using appropriate diagrams show how this would look like at both the industry and firm level. (Hint: Each firm is making a normal profit).
(b) Now assume there has been a permanent decrease in demand for wheat. Using appropriate diagrams explain what will happen to price and quantity for wheat at both the industry and firm level. (Hint: You need to discuss what type of profits, if any, each firm is making).
(c) With the use of appropriate diagrams, discuss the adjustment process, at both industry and firm level, to bring the market for wheat back to long-run equilibrium.
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