Suppose the market for apples is represented by the market supply and market demand curves depicted in the top graph to the right. Assume this market is perfectly competitive. What does an individual apple farmer's demand curve look like? Using the line drawing tool, graph an apple farmer's demand curve in the bottom figure. Label the line "Demand." Carefully follow the instructions above, and only draw the required object. Price (dollars per box) 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Supply Demand 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Quantity (boxes of apples in millions)
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The market for apples is perfectly competitive, which means that each individual farmer is a price taker and cannot influence the market price. Show more…
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