Multiple Choice
Use the following to answer question:
-(Table: Lilly's Apple Orchard) Look at the table Lilly's Apple Orchard. Lilly is the price-taking owner of an apple orchard; the orchard's variable costs are given in the table. Her orchard has fixed costs of $30. If the price of a bushel of apples is $85, we would expect total industry output to _____ and Lilly's output to _____ in the long run.
A) rise; rise
B) fall; fall
C) fall; rise
D) rise; fall
Correct Answer:

Verified
Correct Answer:
Verified
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