Lilly is the price-taking owner of an apple orchard. The price of apples is high enough that Lilly is earning positive economic profits. In the long run, Lilly should expect apple prices due to the firms.

In the long run, Lilly should expect A DECREASE IN apple prices due to the ENTRANCE OF NEW COMPETING firms.

Explanation:

In perfectly competitive markets, in the long run firms will only be able to make accounting profits but zero economic profits.

Economic profits are defined as earning higher revenues than accounting costs and implicit costs (opportunity costs). This means that the firms are obtaining higher results from the invested capital than the rest of the market.

Accounting profits are simply revenues - accounting costs (e.g. variable and fixed costs).

A firm maximizes its accounting profit when marginal revenue (MR) = marginal costs (MC), but at that point, economic profits should also equal 0.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.