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A purely competitive wheat farmer can sell any wheat he grows for $30 per bushel His five acres of land show diminishing returns because some are better suited for wheat production

A purely competitive wheat farmer can sell any wheat he grows for $30 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on.

May 01 2020 View more View Less

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