I'm logged into my Mac (OSX 10.3.9) with my normal Admin password, but when I open Acrobat 7 preferences and select Update, Acrobat apparently is confused; it incorrectly has me as a non-administrator, and says "Update Disabled. You must have Administrative Privileges to Install Updates...".

I uninstalled and reinstalled, and manually updated to 7.0.5, but the same message still persists.

How to fix?