Use the following to answer questions:
Figure: Prices, Cost Curves, and Profits 
-(Figure: Prices, Cost Curves, and Profits) Look at the figure Prices, Cost Curves, and Profits. If the price is P1 and the firm decides to produce at output Q1, then the firm earns:
Definitions:
Marginal Revenue
The additional income generated from the sale of one more unit of a product or service.
Marginal Cost
A rephrased definition: The expense incurred in the manufacture or production of an additional quantity of a product or service.
Price Discrimination
A pricing strategy where a company charges different prices to different groups of customers for the same product or service, based on factors other than production costs.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive in the market.
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