Consider the perfectly competitive market for California oranges. (2 points) A. Explain the characteristics that make th

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Consider the perfectly competitive market for California
oranges. (2 points)
A. Explain the characteristics that make this orange market a
perfectly competitive market. (4 points)
B. The market supply curve for oranges is depicted by: P = 200 +
QS The market demand curve for oranges is depicted by: P = 600 –
3QD What is the equilibrium price and quantity of oranges in this
market? (6 points)
c. Draw a graph of the orange market in equilibrium using
the information depicted in part B complete with demand and supply
intercepts. Identify the areas that represent consumer surplus and
producer surplus. Calculate the consumer surplus, the producer
surplus, and the total welfare.