Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit. If consumers switch from chicken to beef, which of the following is most likely to occur?
◦ Beef producers will now incur economic profits in both the short run and the long run.
◦ Beef producers will incur economic profits in the short run. Some producers will enter the industry until all firms in the industry are earning a zero economic profit.
◦ Beef producers will incur economic profits in the short run. Some producers will enter the industry as long as all firms in the industry are earning an economic profit.
◦ Beef producers will now earn economic losses in the short run, and there will be no additional adjustments in the long run.
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