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In Figure 10.2, last year farmer John was facing price P2 and was producing Q2 quantity of corn. If this year farmer John faces price
In Figure 10.2, last year farmer John was facing price P2 and was producing Q2 quantity of corn. If this year farmer John faces price P1, farmer John should: increase output to Q3 quantity to maximize profit. produce Q2 quantity where marginal revenue still exceeds marginal cost. increase output to Q4 quantity where marginal revenue equals marginal cost. increase output to Q5 quantity to maximize profit
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