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Farmer Ted sells winter wheat in a perfectly competitive market. The market price for a bushel of winter wheat is $9. Ted has 270 bushels
Farmer Ted sells winter wheat in a perfectly competitive market. The market price for a bushel of winter wheat is $9. Ted has 270 bushels of wheat to sell. If his total variable cost is $2,000 and his total fixed cost is $500, then Ted:
is minimizing his losses.
is earning a normal profit.
is earning positive economic profits.
should raise his price.
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