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Figure: Total Cost for Tomato Producers
-(Figure: Total Cost for Tomato Producers) Look at the figure Total Cost for Tomato Producers. The market for tomatoes is perfectly competitive. The market price of a bushel of tomatoes is $14. The farmer's total cost at the profit-maximizing number of bushels is:

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Use the following to answer question:
Figure: Total Cost for Tomato Producers 
-(Figure: Total Cost for Tomato Producers) Look at the figure Total Cost for Tomato Producers. The market for tomatoes is perfectly competitive. The market price of a bushel of tomatoes is $14. The farmer's total cost at the profit-maximizing number of bushels is:

Quizplus · Accepted Answer

In a perfectly competitive market, the profit-maximizing output is where marginal cost equals market price. If the market price is $14, the farmer will produce where the marginal cost is also $14. The total cost at this output level is given as $56.00.

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