Suppose there are 6,000 corn farmers in the U. S. Each farmer has the usual U-shaped average cost curve. The market demand curve for corn slopes downward and the market for corn is perfectly competitive. Currently the market is in short-run equilibrium and each farmer is making positive economic profit at a market price of $6 per bushel.
Given that all corn farmers earns positive economic profits; in the long run, more farmers will enter to produce corn, the market price of corn will fall. As the market price of corn falls, each corn farmer ______ its production to maximize profits. When the market reaches the long-run equilibrium, we would expect each corn farmer to earn _____