Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. Figure 8.8
-Refer to Figure 8.8. If the market price of soybeans ________, then to maximize profits this farmer should produce 700 bushels of soybeans.
A) falls to $2
B) falls to $8
C) falls to $9
D) stays at $12

Question

Refer to the information provided in Figure 8.8 below to answer the question(s) that follow.  Figure 8.8
-Refer to Figure 8.8. If the market price of soybeans ________, then to maximize profits this farmer should produce 700 bushels of soybeans.
A) falls to $2 
B) falls to $8 
C) falls to $9 
D) stays at $12

Quizplus · Accepted Answer

At a market price of $8, the marginal cost of producing soybeans aligns with the production of 700 bushels, making it the profit-maximizing quantity for the farmer.

Refer to the Information Provided in Figure 8