(Figure: Price and Quantity XI) Which of the Following Statements

question 3

Multiple Choice

(Figure: Price and Quantity XI) Which of the following statements is (are) TRUE? I. Producer surplus = TR - VC = $25 - $15.
II) The shaded area between the demand curve and marginal cost represents producer surplus and equals $10.
III) The firm's profit = $10 - FC.

• A) I, II, and III
• B) II
• C) I and III
• D) III

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