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Question 131

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Use the following to answer questions:
Figure: Cost Curves for Corn Producers Use the following to answer questions: 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 $10, then in the short run the farmer will produce _____ bushels of corn and take an economic loss equal to _____. A) 0; average fixed costs B) 0; total variable costs C) 3; total fixed costs D) 3; $22 per bushel
-(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 $10, then in the short run the farmer will produce _____ bushels of corn and take an economic loss equal to _____.


A) 0; average fixed costs
B) 0; total variable costs
C) 3; total fixed costs
D) 3; $22 per bushel

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