You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the...

1. You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following?

         a. The prices of agricultural products

          b. The profits of farmers

          c. The equilibrium output in agricultural markets

          d. The number of farms