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erika is the owner of a cherry orchard. the price of cherries is high enough that erika is earning positive economic profits. in the long run, erika should expect cherry prices due to the firms. lower; entry of new higher; exit of existing lower; exit of existing higher; entry of new

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AjithaR101

In the long run, Lilly should expect: lower Cherries prices due to the entry of new firms.

What is economic profits?

  • Accounting profit and economic profit are frequently examined together in analyses.
  • The profit a corporation displays on its income statement is known as accounting profit.
  • Accounting profit is a component of the necessary financial transparency for a corporation and gauges actual inflows versus outflows.
  • Contrarily, economic profit is not revealed to regulators, investors, or financial institutions and is not reported on a company's financial statements either.
  • A particular kind of "what if" study is economic profit.
  • When faced with decisions about production levels or other business options, businesses and people may opt to take economic profit into account.
  • Foregone profit considerations can be represented by economic profit.

To learn more about economic profit, refer to

https://brainly.com/question/24477585

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