Choose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run, Select one: a. The equilibrium price is likely to increase, and profits are likely to remain unchanged. b. The equilibrium price is likely to remain unchanged, and profits are likely to increase. c. The equilibrium price is likely to decrease, and profits are likely to decrease. d. The equilibrium price is likely to increase, and profits are likely to increase. e. Both the equilibrium price and quantity are likely to remain unchanged.
Choose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run, Select one: a. The equilibrium price is likely to increase, and profits are likely to remain unchanged. b. The equilibrium price is likely to remain unchanged, and profits are likely to increase. c. The equilibrium price is likely to decrease, and profits are likely to decrease. d. The equilibrium price is likely to increase, and profits are likely to increase. e. Both the equilibrium price and quantity are likely to remain unchanged.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Choose the one alternative that best that answers the question. Assume the market for organic produce is
Select one:
a. The equilibrium price is likely to increase, and profits are likely to remain unchanged.
b. The equilibrium price is likely to remain unchanged, and profits are likely to increase.
c. The equilibrium price is likely to decrease, and profits are likely to decrease.
d. The equilibrium price is likely to increase, and profits are likely to increase.
e. Both the equilibrium price and quantity are likely to remain unchanged.
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