Business, 16.03.2020 22:57 kactus

The market for russet potatoes is in equilibrium, and it's a perfectly competitive increasing-cost industry. The price of potatoes is currently $6 per 100-pound sack. Low carbohydrate diets suddenly become popular, and many people substitute cauliflower and other vegetables for potatoes. As a result, demand for potatoes falls. What will happen to the price of potatoes in the short run and in the long run

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The market for russet potatoes is in equilibrium, and it's a perfectly competitive increasing-cost i...