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Author Question: Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero ... (Read 31 times)

aabwk4

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on: Apr 19, 2019

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.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by aabwk4 on Apr 19, 2019

tofugiraffe

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Reply #1 on: Apr 19, 2019
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.
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aabwk4

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Reply 2 on: Apr 19, 2019
Great answer, keep it coming :)

carlsona147

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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