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, Select one: 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. e. the demand will shift to the right and the equilibrium will price neither increase nor decrease

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter3: Demand, Supply, And The Market Process
Section: Chapter Questions
Problem 9CQ
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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,
Select one:
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.
e. the demand will shift to the right and the equilibrium will price neither increase nor decrease
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