Use the Figure to Answer the Following Question(s)

question 174

Multiple Choice

Use the figure to answer the following question(s) .
Figure 9-5

The cost conditions for a profit-maximizing firm operating in a price-taker market are indicated in Figure 9-5. If the market price was $3, what output should the firm produce, and what would be the firm's maximum profit?

• A) output, 3; maximum profit, $3 loss
• B) output, 5; maximum profit, zero
• C) output, 5; maximum profit, $5
• D) output, 6; maximum profit, $6

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