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Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit.
Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit.
If consumers switch from beef to chicken, which of the following is most likely to occur?
Select one:
a. Beef producers will incur economic losses in both the short run and the long run.
b. Beef producers will earn economic profits in the short run and there will be no additional adjustments in the long run.
c. Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining beef producers are earning a zero economic profit.
d. Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining beef producers are earning an economic profit.
