Figure 14-5 The Figure Below Depicts the Cost Structure of a Firm

Figure 14-5
The figure below depicts the cost structure of a firm in a competitive market.

-Refer to Figure 14-5.When market price is P₁,a profit-maximizing firm's total profit or loss can be represented by which area?

A) P₁ × Q₃; profit
B) (P₃ - P₁) × Q₂ ; loss
C) (P₂ - P₁) × Q₁; loss
D) We can't tell because we don't know fixed costs.