This topic contains a solution. Click here to go to the answer

Author Question: Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero ... (Read 54 times)

aabwk4

  • Hero Member
  • *****
  • Posts: 593

Question 1

In long-run equilibrium for a perfectly competitive industry, firms earn ________ economic profits and produce ________.


◦ zero; efficiently
◦ zero; inefficiently
◦ positive; efficiently
◦ positive; inefficiently

Question 2

Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit. If consumers switch from beef to chicken, which of the following is most likely to occur?


◦ Beef producers will now incur economic losses in both the short run and the long run.
◦ Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining are earning a zero economic profit.
◦ Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining are earning an economic profit.
◦ Beef producers will now earn economic profits in the short run, and there will be no additional adjustments in the long run.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by aabwk4 on Apr 19, 2019

tofugiraffe

  • Sr. Member
  • ****
  • Posts: 319
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly




aabwk4

  • Member
  • Posts: 593
Reply 2 on: Apr 19, 2019
:D TYSM


strudel15

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Gracias!

 

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

For a complete list of videos, visit our video library