Questions 1. Assuming cherries are sold in a perfectly competitive market;

| December 7, 2018

Questions 1. Assuming cherries are sold in a perfectly competitive market; use the supply and demand diagram to describe, ceteris paribus, what it means by a ‘bumper growing season’ and its impact on equilibrium price and quantity. In your discussion make sure to explain the process of moving to the new equilibrium output and price. (5 marks) 2. Use a supply and demand diagram to explain the impact of the changes in the cherry prices on two related markets. In …

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