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Lighting2551 Lighting2551
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5 years ago
Assume that the market for cage-free eggs is perfectly competitive. All else equal, as more farmers choose to produce and sell cage-free eggs, what is likely to happen to the equilibrium price of the eggs and profits of these farmers in the long run?

• The equilibrium price is likely to increase and profits are likely to remain unchanged.

• The equilibrium price is likely to remain unchanged and profits are likely to increase.

• The equilibrium price is likely to decrease and profits are likely to decrease.

• The equilibrium price is likely to increase and profits are likely to increase.
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Microeconomics

Microeconomics


Edition: 7th
Authors:
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Lori734Lori734
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5 years ago
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Lighting2551 Author
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5 years ago
You make an excellent tutor!
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