Assume the Market for Organically-Grown Produce Is Perfectly Competitive

question 123

Multiple Choice

Assume the market for organically-grown produce is perfectly competitive.All else being equal,as farmers find it less profitable to produce and sell organic produce in this market,

• A) the demand curve will shift to the left and the equilibrium price will decrease.
• B) the supply curve will shift to the left and the equilibrium price will increase.
• C) the supply curve will shift to the right, the demand curve will shift to the left, and the equilibrium price will decrease.
• D) the supply curve will shift to the left, the demand curve will shift to the left, and the equilibrium price will increase.

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Definitions:

Savory

Relating to food that is salty or spicy rather than sweet, with a pleasant, appealing taste.

Tear Production

The process of secreting tears by the lacrimal glands, which is essential for eye health and emotion expression.

Earwax

A natural substance produced in the ear canal that protects the ear from dust, foreign particles, and microorganisms.