This assignment involves a perfectly competitive market. Think and sketch graphs

This assignment involves a perfectly competitive market. Think and sketch graphs before you try to write. Your submission should be about 2 pages (normal fonts and margins, double spaced). This assignment requires that you include graphing. You may hand-draw your graphs into your writing and then scan the single document for submission, or you may take a photo of your graphs and attach the photo along with your typed response. You can insert an image of your graphs into your word document. So long as you include the text and your graphs in your response (and the instructor can follow how they are connected), this will meet the requirement. Again, your assignment response should be in the form of economic analysis, not personal opinion or belief. Here is the issue for your to consider using the perfectly competitive market model as your guide:
Start with a perfectly competitive market where individual firms are earning zero economic profit at the industry equilibrium price. Assume that for some reason the overall demand for this product increases. (For example, orange juice is believed to prevent the cancer.) What will happen in this market. You should use side-by-side graphing to show the effects in both the industry and on an individual firm, and your graphs and text should be sufficiently clear to show the beginning state of affairs and any market changes.