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Figure: Cost Curves for Corn Producers
-(Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $14, in the short run, the farmer will produce _____ of corn and earn an economic _____ equal to _____.

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Figure: Cost Curves for Corn Producers 
-(Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $14, in the short run, the farmer will produce _____ of corn and earn an economic _____ equal to _____.

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In a perfectly competitive market, firms produce where price equals marginal cost. If the price is $14, the farmer will produce 4 bushels where MC equals $14. At this point, the farmer earns normal profit, which is an economic profit of $0.

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