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"Between 1997 and 2001, many apple farmers switched from traditional to organic growing methods, increasing production of organically grown apples from 1.2 million boxes per year to more than 3 million boxes." If the market for organic apples is perfectly competitive, which of the following statements is inconsistent with the statement above?

a. Organic apple farmers earned short-run economic profits between 1997 and 2001.
b. The price of organic apples is likely to rise over time as more and more farmers switch to organic methods of farming.
c. The additional supply of organic apples resulted in a lower price for organic apples.
d. It is relatively easy to enter the organic apples market.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938717

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