A Farmer Producing Bushels of Soybeans in the Perfectly Competitive

question 312

Multiple Choice

A farmer producing bushels of soybeans in the perfectly competitive soybean industry is currently maximizing profits. If the market price of soybeans increases and the farmer adjusts output to the new price, he will produce ________ soybeans and make ________ profit.

• A) fewer; the same
• B) fewer; less
• C) more; more
• D) the same bushels of; the same

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