The market period supply curve for perishable commodities is ________.
The market-period supply curve of a perishable commodity is perfectly inelastic, or a vertical straight line.
Suppose the demand and supply curves of a commodity 'X' in a perfectly competitive market are given by: Qd = 700 - p Qs = 500 + 3p, for p ≥ 15 = 0, for 0 < p < 15 Find the equilibrium price and equilibrium quantity.