Farmer's market is open to all residents in Swissburg. Right now there are 28 farmers, each sells a unique variety of cheese. Cheese prices on the market vary from $4 to $26 per pound. Most farmers love the cheese they make and earn positive profits. What type of market is this? (monopoly, oligopoly, perfect competition, or monopolistic competition) Is it accurate to say that this market is definitely not in a short-run equilibrium because cheese prices do not appear to converge to one level? Can we say that this market is not in long-run equilibrium?
