Suppose grapefruit is produced in a constant cost industry and sold in a perfectly competitive market. If the price for grapefruit is lower than the average cost of producing grapefruit, what can we say about the long run equilibrium where productive and allocative efficiency is achieved? Responses There will be fewer producers but more grapefruit produced in the industry. There will be fewer producers but more grapefruit produced in the industry. There will be the same number of producers and the same amount of output produced in the industry. There will be the same number of producers and the same amount of output produced in the industry. There will be fewer producers and fewer grapefruit produced in the industry. There will be fewer producers and fewer grapefruit produced in the industry. There will be more producers and more grapefruit produced in the industry