Use the Following to Answer Question

question 123

Multiple Choice

Use the following to answer question:
-(Table: Lilly's Apple Orchard) Use Table: Lilly's Apple Orchard.Lilly is the price-taking owner of an apple orchard;the orchard's variable costs are given in the table.Her orchard has fixed costs of $30.If the price of a bushel of apples is $85,we would expect total industry output to _____ and Lilly's output to _____ in the long run.

• A)rise;rise
• B)fall;fall
• C)fall;rise
• D)rise;fall

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Definitions:

Centralized Bank Account

A single bank account used by a company to manage and control all payments and receipts, simplifying cash management.

Adjustment Costs

Expenses incurred from making changes to a business, such as restructuring operations or relocating facilities.

Marketable Securities

Short-term financial instruments that can be quickly converted into cash at a reasonable price, like stocks and bonds.

Treasury Bill

A short-term government security issued at a discount from the face value and pays no interest.