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Use the Following to Answer Question 125

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Use the following to answer question 125:
Figure: Revenues,Costs,and Profits for Tomato Producers Use the following to answer question 125: Figure: Revenues,Costs,and Profits for Tomato Producers   -(Figure: Revenues,Costs,and Profits for Tomato Producers) Use Figure: Revenues,Costs,and Profits for Tomato Producers.The market for tomatoes is perfectly competitive.The market price of a kilogram of tomatoes is $18.At the profit-maximizing quantity of output in the figure,the farmer's total revenue is _____,total cost is _____,and economic profit is _____. A)  $90;$14;$76 B)  $90;$70;$20 C)  $30;$42;-$12 D)  $48;$56;-$8
-(Figure: Revenues,Costs,and Profits for Tomato Producers) Use Figure: Revenues,Costs,and Profits for Tomato Producers.The market for tomatoes is perfectly competitive.The market price of a kilogram of tomatoes is $18.At the profit-maximizing quantity of output in the figure,the farmer's total revenue is _____,total cost is _____,and economic profit is _____.


Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, such that no single buyer or seller can influence the market price.

Freedom

The state of being free from unnecessary restrictions, allowing individuals to make choices regarding their lives and actions.

Bitcoin Currency

A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

No Government

A situation or theoretical scenario where there is an absence of government and its governing bodies in a society.

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