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Figure: Cost Curves for Corn Producers
-(Figure: Cost Curves for Corn Producers)Use Figure: Cost Curves for Corn Producers.The market for corn is perfectly competitive.If the price of a kilogram of corn is $10,then in the short run,the farmer will produce _____ kilograms of corn and take an economic loss equal to _____.

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Use the following to answer questions :
Figure: Cost Curves for Corn Producers 
-(Figure: Cost Curves for Corn Producers)Use Figure: Cost Curves for Corn Producers.The market for corn is perfectly competitive.If the price of a kilogram of corn is $10,then in the short run,the farmer will produce _____ kilograms of corn and take an economic loss equal to _____.

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In a perfectly competitive market, a firm will produce where price equals marginal cost. If the price is $10, the farmer will produce 3 kilograms of corn. At this output level, the farmer incurs a loss equal to total fixed costs since the price does not cover average total costs.

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