Solve the following linear program by the graphical method.
Definitions:
Purely Competitive Market
A theoretical market structure characterized by an infinate number of buyers and sellers, homogeneous products, and no barriers to entry or exit.
Consumer Surplus
The distinction between what consumers are willing and able to allocate financially for a good or service, and what they actually allocate.
Purely Competitive Market
A purely competitive market is characterized by many buyers and sellers, homogenous products, and no barriers to entry or exit, leading to price taking behavior by individuals.
Equilibrium
A state of balance where demand and supply in a market are equal, leading to a stable price.
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