Suppose that most wheat farms are suffering a loss. Now suppose that a new scientific study shows that eating four slices of whole wheat bread per day is an effective means of weight control, lowers blood pressure, and reduces the likelihood of heart disease. Assume that this study results in the typical wheat farm earning an economic profit.

For a representative farm before the study, the profit-maximizing quantity is:

a. At minimum marginal cost.
b. At minimum long-run average cost.
c. Where price equals long-run average cost.
d. Where price equals marginal cost.

D) Where price equals marginal cost.

Explanation:

Agricultural commodities are the closest thing to a perfectly competitive market since there are many buyers and many suppliers, they are all price takers since no supplier nor buyer has enough market power to fix or alter the equilibrium price.

The accounting profit maximizing quantity will always be where marginal revenue = marginal costs. In this case, marginal revenue = price.

This profit maximizing quantity is the same for all markets, but generally perfectly competitive firms are unable to make any economic profit, unlike other markets where economic profits are possible in the short run.

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