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Use the following to answer questions:
Figure: Costs and Profits for Tomato Producers 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 falls to $16, the farmer's marginal revenue _____ and the profit-maximizing output _____. A)  increases; decreases B)  increases; increases C)  decreases; increases D)  decreases; decreases
-(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 falls to $16, the farmer's marginal revenue _____ and the profit-maximizing output _____.


Definitions:

Algebraic Expression

A combination of numbers, variables, and operational symbols that represents a mathematical relationship or rule.

Like Terms

Terms in algebraic expressions that have the same variables raised to the same power and can be combined.

Simplify

To make something less complex or easier to understand.

Simplify

To make something less complex or easier to understand by reducing or eliminating unnecessary parts.

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