Use the Following to Answer Questions

Multiple Choice

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 $4, in the short run the farmer will produce _____ bushels of corn and earn an economic _____ equal to _____.

A) 0; loss; average fixed costs
B) 0; loss; total fixed costs
C) 3; loss; $30 per bushel
D) 3; profit; $20 per bushel