Reff land Farms is operating in a perfectly competitive industry.

| November 24, 2016

Reffland Farms is operating in a perfectly competitive industry. They are currently producing 100 bushels of lettuce, and are charging the market price of $3 per bushel.

Reflland Farms notes that at the profit-maximizing output of 100 bushels, total fixed costs are $150 and total costs are $500. Given this, what can we say about Reffland Farms?

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