Maddox Smith Staff asked 4 years ago

ECO1002 Economics

In your opinion, based on Sources 1 and 2 what type of market structure is the egg market most similar to? Why? Justify your answer with reference to the above sources and theory. (7 marks) 2. What is the long-run equilibrium in a perfectly competitive market? Explain this with the aid of theory and diagrams. (5 marks) 3. Why do you think it is it that in 2010-2012 egg farmers planned “to kill millions of hens prematurely and bury their eggs as part of an industry-wide strategy to boost their profits”? Explain your answer with reference to theory and by using a demand and supply diagram. (8 marks)