Suppose the demand for honey is given by Q=45-P. Also suppose there are 20 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make? Is this a long run equilibrium?
Suppose the demand for honey is given by Q=45-P. Also suppose there are 20 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make? Is this a long run equilibrium?