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Author Question: Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will ... (Read 191 times)

acc299

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on: Apr 19, 2019

Question 1

A firm in a perfectly competitive industry is producing 50 units, its profit-maximizing quantity. Industry price is $2, total fixed costs are $25, and total variable costs are $40. The firm's economic profit is


◦ $15.
◦ $30.
◦ $35.
◦ $60.

Question 2

Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marginal revenue to ________ and their profit-maximizing level of output to ________.


◦ increase; increase
◦ increase; decrease
◦ decrease; increase
◦ decrease; decrease
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by acc299 on Apr 19, 2019

jessofishing

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Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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acc299

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Reply #2 on: Apr 19, 2019
Excellent


jessofishing

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Reply #3 on: Apr 19, 2019
Great! Please up vote :D


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