Refer to the information provided in Figure 8.8 below to answer ...

[Destiiny22]

Question 1

Assume soybeans are produced in a perfectly competitive market. A soybean farmer is currently maximizing his profits. If the market price of soybeans falls, after the farmer adjusts to the new price, he will be producing ________ bushels of soybeans, and his profit will be ________.

◦ fewer; the same
◦ fewer; lower
◦ more; the same
◦ the same number of; the same

Question 2

Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 









Refer to Figure 8.8. This farmer's profit-maximizing level of output is ________ units of output.

◦ 200
◦ 700
◦ 1,000
◦ 1,400

[olderstudent]

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[Destiiny22]

Thanks

[olderstudent]

Welcome