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 _____.
Definitions:
Long Run
A period in economics during which all factors of production and costs are variable, allowing for full adjustment to change.
Average Total Cost Curve
A graphical representation showing how average cost changes with changes in output.
Zero Economic Profits
A situation in perfect competition where firms earn just enough revenue to cover their total costs, including opportunity costs.
Marginal Revenue
Marginal Revenue is the additional income received from selling one more unit of a product.
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