Keith Is a Perfectly Competitive Carnation Grower

question 51

Multiple Choice

Keith is a perfectly competitive carnation grower. The market price is $2 per dozen carnations. Keith's average total cost to grow carnations is $2.50 per dozen. In the long run, Keith will

• A) incur an economic loss.
• B) raise his price to $2.50 per dozen carnations.
• C) continue to make an economic profit.
• D) exit the industry if the price and his costs do not change.
• E) raise his price to more than $2.50 per dozen carnations.

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Definitions:

Digestive Tract

The series of organs and structures through which food passes, where it is broken down and nutrients are absorbed.

Trypsin

An enzyme produced in the pancreas that helps digest proteins by breaking them down into amino acids.

Acinar Cells

Glandular cells found in acinous glands, such as the salivary and pancreatic glands, that secrete substances into ducts.

Mastication

The process of chewing food in preparation for digestion, involving the breakdown of food into smaller pieces by the teeth and saliva.