3.    You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you           expect to happen over time (in the long run) to each of the following?           a. The prices of agricultural products           b. The profits of farmers           c. The equilibrium output in agricultural markets           d. The number of farms

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A: Note: As per the guidelines we will answer only three subparts. Please resubmit the question again…

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A:

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A: Hi there! Thank you for the question. Since we only answer one question, we will answer the first…