A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of...

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A purely competitive wheat farmer can sell any wheat he grows for $25 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 1000 bushels of wheat, the second acre 900, the third 800, and so on....

David · Accepted Answer

A purely competitive wheat farmer can sell any wheat he grows for $25 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 1000 bushels of wheat, the second acre 900, the third 800, and so on.

A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns, because some are better suited for wheat production than others. The...

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