suppose the market for apples is perfectly competitive. the first graph depicts the supply and demand curves for the market for apples. the second graph represents an individual apple grower. graph the demand curve the individual grower faces by placing the endpoints of the firm demand curve in the correct locations.

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21-10-2021
Business

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suppose the market for apples is perfectly competitive. the first graph depicts the supply and demand curves for the market for apples. the second graph represents an individual apple grower. graph the demand curve the individual grower faces by placing the endpoints of the firm demand curve in the correct locations.

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ewomazinoade ewomazinoade · Answer 1 · 2021-10-30T12:52:26+02:00

A perfectly competitive market is a market where there are many buyers and sellers of identical goods. The price of a good is determined by market forces. This means that price is determined at the intersection of the demand curve and supply curve for a good.

If a seller attempts to set the price for his good, the demand for his good will fall to zero as consumers would patronise other sellers who sell identical goods at a cheaper price. This means that the demand for goods in a perfectly competitive firm is perfectly elastic. Thus, the demand curve is horizontal.

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