Ivan is a farmer who grows soybeans and sells his produce in the perfectly competitive soybean market. Ivan is currently maximizing profits (at equilibrium). Suppose the market price of soybeans increases. If Ivan adjusts his output in response to the new market price (to get to his new equilibrium), he will produce ________ soybeans and make ________ profit. a.the same bushels of; the same b.fewer; less c.more; more d.fewer; the sam

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