Lilly Is the Price-Taking Owner of an Apple Orchard

question 224

Multiple Choice

Lilly is the price-taking owner of an apple orchard.The price of apples is high enough that Lilly is earning positive economic profits.In the long run,Lilly should expect _____ apple prices due to the _____ firms.

• A)lower;entry of new
• B)higher;exit of existing
• C)lower;exit of existing
• D)higher;entry of new

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Definitions:

Attribute

A quality or characteristic given to a person, group, or some other entity, or a specification in coding to define properties of elements.

Field

An area in a database or a form where a specific piece of data is stored, such as a name or date.

Column

In databases, a column is a vertical arrangement of data in a table, containing information on a specific attribute of the entity recorded.

AutoNumber

A feature in database systems that automatically generates a unique number for each new record or entry, often used as a primary key.