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23 June, 14:54

Suppose the wheat industry is perfectly competitive with a market price of $4 per bushel. if farmer brown charged $5 per bushel, how many bushels would farmer brown sell

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  1. 23 June, 16:37
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    He would not sell any bushels. Since his price is above the market price in a perfectly competitive market, the buyers would have all the information they require to make purchases at other sellers who are charging the market price (or less) for the wheat.
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