-The Figure Above Shows a Typical Perfectly Competitive Corn Farm

question 107

Multiple Choice

-The figure above shows a typical perfectly competitive corn farm, whose marginal cost curve is MC and average total cost curve is ATC. The market is initially in a long-run equilibrium, where the price is $3.00 per bushel. Then, the market demand for corn decreases and, in the short run, the price falls to $2.50 per bushel. In the new short-run equilibrium, the farm produces ________ bushels of corn and sells corn at ________ per bushel.

• A) 250,000; $3.00
• B) 250,000; $2.50
• C) 300,000; $2.50
• D) 200,000; $2.50

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Definitions:

Hippocampus

A region of the brain associated with memory formation, organization, and the ability to navigate environments.

Long-Term Memories

A type of memory capable of storing information for extended periods of time, possibly indefinitely, including facts, experiences, and skills.

Plasticity

The ability of some brain regions to perform the functions of other damaged regions.

Environmental Toxins

Harmful substances found in the environment which can negatively impact health, including chemicals, pollutants, and certain natural compounds.