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Author Question: Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a ... (Read 222 times)

debasdf

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Question 1

In long-run equilibrium for a perfectly competitive industry, price equals


◦ short-run marginal cost.
◦ short-run average cost.
◦ long-run average cost.
◦ All of these are correct.

Question 2

Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a zero economic profit. Orange juice producers will likely begin to incur economic losses in the short run, and some producers will exit the industry until those remaining earn a zero economic profit, if consumers


◦ switch from grape juice to orange juice.
◦ switch from orange juice to grape juice.
◦ do not change their demand for orange juice.
◦ All of these are correct.


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Marked as best answer by debasdf on Apr 19, 2019

jrpg123456

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