Use the Following to Answer Questions

question 107

Multiple Choice

Use the following to answer questions:
Figure: Costs and Profits for Tomato Producers
-(Figure: Costs and Profits for Tomato Producers) Look at the figure Costs and Profits for Tomato Producers. The market for tomatoes is perfectly competitive. The market price of a bushel of tomatoes is $18. If the market price increases to $20, the farmer's marginal revenue _____ and the profit-maximizing output _____.

• A) increases; increases
• B) increases; decreases
• C) decreases; increases
• D) decreases; decreases

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Definitions:

Histograms

Graphical representations of data distribution where data is grouped into ranges (bins) and illustrated with bars, showing the frequency of data within each range.

Childbirth

The act or process of giving birth to babies; childbearing.

Skewed

A description of data or distribution that is not symmetrical, leaning more heavily to one side, either to the right or left.

Symmetric

Having proportions that are well balanced or proportions that mirror each other on either side of a central axis.