The following figure shows equilibrium at the industry and firm level. Figure 9.6
In the figure,
S 1 ,S 2 ,S 3 are the market supply curves.
D 1 and D 2 are the market demand curves.
MC is the marginal cost curve of the firm.
MR 1 and MR 2 are the marginal revenue curves of the firm.
ATC is the average-total-cost curve of the firm.
-According to Figure 9.6,if the market price was $1.50,the individual firm would:

Question

The following figure shows equilibrium at the industry and firm level. Figure 9.6  
In the figure,
S 1 ,S 2 ,S 3 are the market supply curves.
D 1 and D 2 are the market demand curves.
MC is the marginal cost curve of the firm.
MR 1 and MR 2 are the marginal revenue curves of the firm.
ATC is the average-total-cost curve of the firm.
-According to Figure 9.6,if the market price was $1.50,the individual firm would:

Quizplus · Accepted Answer

The correct answer is based on the assumption that at a market price of $1.50, the firm's total revenue exceeds its total cost by about $5, resulting in a positive economic profit.

The Following Figure Shows Equilibrium at the Industry and Firm