Assume the Market for Orange Juice Is Perfectly Competitive

question 195

Multiple Choice

Assume the market for orange juice is perfectly competitive. Orange juice producers currently earn a zero economic profit. Orange juice producers will likely begin to earn economic profits in the short run, and some producers will enter the industry until all firms in the industry earn a zero economic profit, if consumers

• A) switch from grape juice to orange juice.
• B) switch from orange juice to grape juice.
• C) do not change their demand for orange juice.
• D) All of the above are correct.

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Definitions:

Generativity

Erikson’s term for concern of mature adults for finding meaning through contributing to society and leaving a legacy for future generations.

Creativity

The ability to produce original and valuable ideas or things.

Virtue

A trait or quality deemed to be morally good and valued as a foundation of good moral being.

Adulthood

A life stage characterized by full physical development, legal responsibility for oneself, and typically involving greater social and economic independence.