Suppose grapefruit is produced in a constant cost industry and sold in a perfectly competitive market. If the price for the grapefruit is lower than the average cost of producing grapefruit, what can we say about the long run equilibrium

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02-06-2022
Business

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Suppose grapefruit is produced in a constant cost industry and sold in a perfectly competitive market. If the price for the grapefruit is lower than the average cost of producing grapefruit, what can we say about the long run equilibrium

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-06-15T18:59:10+02:00

What can we say about the long run equilibrium is: Fewer grapefruit will be produced.

What is perfectly competitive market?

Perfectly competitive market can be defined as the market in which producer or manufacturer product similar or identical product.

Suppose the price of grape fruit is lesser compare to the average cost of production it , this tend to mean that in the long run only fewer or little amount of grapefruit will be produced.

Therefore fewer grapefruit will be produced.

Learn more about Perfectly competitive market here:https://brainly.com/question/4190313

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