Business, 23.02.2022 04:10 lollyp5439

The cashew industry is perfectly competitive and until now each of the identical firms in the industry have been earning zero economic profits while selling q1 units of output each (for a combined industry-wide total of Q1 units) at a market equilibrium price of P1 per unit. An unexpected increase in the demand for cashews raises the market equilibrium price to P2, which creates a situation in which P2 exceeds MC at q1 units of output. Required:
If the firms continued producing q1 units each, would their combined output of cashews be too little, too much, or just right to achieve allocative efficiency?

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