Assume Soybeans Are Produced in a Perfectly Competitive Industry

question 63

Multiple Choice

Assume soybeans are produced in a perfectly competitive industry.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 ________.

• A)fewer;the same
• B)fewer;lower
• C)more units of output;the same
• D)the same number of;the same

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Definitions:

LAD

Can refer to several meanings; without context, this term cannot be accurately defined.

Scheme

In psychology, a cognitive framework or concept that helps organize and interpret information, allowing individuals to categorize and understand new experiences.

Telegraphic Speech

A stage of language development where toddlers speak in short, simple combinations of words that omit less important words, resembling telegraph messages.

Language Acquisition Device

A theoretical construct in the field of linguistics that suggests an innate capability or mechanism in the human brain that allows children to naturally learn language.