Assume Soybeans Are Produced in a Perfectly Competitive Market

question 351

Multiple Choice

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 ________.

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

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