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Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a ...

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Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a ...

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.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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