price was one of the main factors keeping organic food from becoming more popular. at the moment, consumers were not purchasing as much organic milk as the farmers were producing, since they were able to continue buying the less expensive regular milk. if the price of organic milk stays high, which of the following describes what will happen? a.) as the price decreases, consumers will buy less milk. b.) the price will go down until it reaches equilibrium. c.) the price will continue to increase. d.) vendors will sell more milk at the higher price.

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15-11-2022
Business

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price was one of the main factors keeping organic food from becoming more popular. at the moment, consumers were not purchasing as much organic milk as the farmers were producing, since they were able to continue buying the less expensive regular milk. if the price of organic milk stays high, which of the following describes what will happen? a.) as the price decreases, consumers will buy less milk. b.) the price will go down until it reaches equilibrium. c.) the price will continue to increase. d.) vendors will sell more milk at the higher price.

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asarwar asarwar · Answer 1 · 2022-11-18T03:42:35+01:00

In case the price of organic milk remains high, then the price will go down until it reaches equilibrium. Thus, option 'B' is the correct answer to this question.

Production costs of organic foods are typically higher because of greater labor inputs per unit of output and because the huge diversity of companies means economies of scale cannot be achieved.

In the context of the given scenario where it is stated that one factor which is attributed to preventing organic foods from becoming papular is attributed to their price. For instance, because of the high price of organic milk consumers mostly prefer buying regular milk instead of purchasing organic milk. If the price of organic milk is kept high, ultimately the price of the organic milk will go down till the point it reaches equilibrium.

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