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Suppose the market for rice is perfectly competitive. What effect will the widespread popularity of quinoa...

Suppose the market for rice is perfectly competitive. What effect will the widespread popularity of quinoa (as a replacement for rice) have on the rice market in the short run and the long run? Illustrate with two carefully labeled graphs showing the effects at both the market level and the firm level **the price axes on the two graphs should be linked with each other.*

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Answer #1

As mention in question there is competitive for rich ,instead of rich market , seller bring a another product in market which lead to trobule circumstances for the buyer because rich is major product which can not be replace my any product. if instead of rich , seller focus on another product then definitely they will get trouble and according to me there will increase huge demands of rich instead of this product.

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