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dillon_green23 dillon_green23
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5 years ago
Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Illustrate your answer graphically.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
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#1
5 years ago
The market demand is downward sloping while the demand for an individual firm's output is horizontal at the equilibrium market price. This is because an individual producer is too small to influence the market price and must take the market price as given. At the market price, the individual seller can sell all the output she desires. The figure below shows the market demand curve and the demand curve for a single firm.

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#2
5 years ago
Thank you, thank you, thank you!
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