1. Assume that you are a farmer that is growing alfalfa. Draw a perfect competition market model with your farm earning zero economic profits (market supply and demand and your farm’s diagram).
2. Assume now that alfalfa has become more popular. Explain using words and show in your diagram what happens in this perfectly competitive market.
3. Explain the changing circumstances in terms of efficiency.
4. Now assume that the cost of fertilizer has decreased. Explain using words and show in your diagram what happens in this perfectly competitive market.
5. Explain why someone would argue that competition benefits consumers. Please use what you have learned and the terms to earn full points here.
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