Top Posters
Since Sunday
n
3
j
3
x
2
c
2
2
p
2
n
2
3
2
C
2
z
2
k
2
d
2
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
chomtong chomtong
wrote...
Go to Answer
Posts: 589
Rep: 0 0
6 years ago
Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit. If consumers switch to beef from chicken, which of the following is most likely to occur?
A) 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.
B) 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.
C) Beef producers will now earn economic losses in the short run and there will be no additional adjustments in the long run.
D) Beef producers will now incur economic profits in both the short run and the long run.
Read 103 times
1 Reply
Replies
Answer verified by a subject expert
Akshtsaklani21Akshtsaklani21
wrote...
#1
Top Poster
Posts: 604
Rep: 14 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

chomtong Author
wrote...

6 years ago
Thanks
gage
wrote...

Yesterday
Helped a lot
jmendoza
wrote...

2 hours ago
Correct Slight Smile TY
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  894 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 106
  
 115
  
 4432
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 352
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?