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KEY QUESTION

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Question

<ol><li><strong>5) <em>(KEY QUESTION) </em></strong>A small town is served by

many perfectly competing supermarkets, which have <em>constant </em>marginal cost. </li><li><strong>Using a diagram of the market for groceries, show the (long-run) equilibrium price and quantity. </strong></li><li><strong>Mark the deadweight loss in the picture and explain what it is. </strong></li><li><strong>Show the consumer and producer surplus in the figure, and explain what these terms mean<em>. </em></strong></li></ol>

 
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