The market for tomatoes is perfectly competitive and

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25. The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure. If the market price of a bushel of tomatoes is $8, the farmer's profit-maximizing output is ________ bushels. A) B) C) D) 0 1 2 3
26. The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure. If the market price of a bushel of tomatoes is $18, this farm will:
27. The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure. If market price of a bushel of tomatoes is $12, this farm will:
28. The market for tomatoes is perfectly competitive, and an individual tomato farmer faces the cost curves shown in the figure. The farm's short-run supply curve is the ________ curve above a price of ________.
Use the following to answer questions 29-30: Figure: The Profit Maximizing Firm 29. The figure shows cost curves for a firm operating in a perfectly competitive market. Which of the following statements is true? A) AFC is represented in this figure by the vertical distance between curve M and curve at any level of output. B) AFC is represented in this figure by the vertical distance between curve N and curve at any level of output. C) This figure illustrates the long run because all costs are variable. D) Quantity q 2 is to the left of the shut-down point. N O
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30. The figure shows cost curves for a firm operating in a perfectly competitive market. If the market price is P 4 : . .
Use the following to answer questions 31-33: Figure: A Perfectly Competitive Firm in the Short Run 31. The firm's total cost of producing its most profitable level of output is:
32. The firm's total revenue from the sale of its most profitable level of output is:
33. The firm's total economic profit at its most profitable level of output is: A) 0 GHB. B) EFJS. C) EGHS. D) FGLK.
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Use the following to answer questions 34-36: 34. The costs of production of a perfectly competitive soybean farmer are given in the table. If the market price of a bushel of soybeans is $15, what will be the farmer's short-run maximum profit?
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