The market for apples is perfectly competitive. Orchards growing apples are now making losses. a Draw two diagrams, sid

[answerhappygod]

The market for apples is perfectly competitive. Orchards growing
apples are now making losses.
a Draw two diagrams, side by side, to illustrate the
present situation for the typical firm (i.e. the typical orchard)
and in the market. Briefly explain the diagrams. (10
marks)
b Assuming there is no change in demand and the firms’
cost curves, explain what will happen to the price, output and
profits of the typical firm in the long run. Explain with the
diagrams in part (a).