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Business, 04.04.2020 12:42 nelly88

2001 was a bad year for Red Delicious apple farmers in Washington State. The market price for Red Delicious apples was $10.61 per box. As a result, many farmers decided not to pick the apples off their trees and instead let them rot. Assuming that the Red Delicious apple market was perfectly competitive, is it possible that these farmers were profit maximizing when they decided to let their apples rot in the short-run

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