Question
Assume soybeans are produced in a perfectly competitive market.A soybean farmer is currently maximizing his profits. If the marketprice of soybeans falls, after the farmer
Assume soybeans are produced in a perfectly competitive market.A soybean farmer is currently maximizing his profits. If the marketprice of soybeans falls, after the farmer adjusts to the new price,he will be producing ________ bushels of soybeans, and his economicprofit will be ________.
A) fewer; the same
B) fewer; lower
C) more; the same
D) the same number of; the same
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Economics of Money, Banking and Financial Markets
Authors: Frederic S. Mishkin
9th Edition
978-0321607751, 9780321599797, 321607759, 0321599799, 978-0321598905
