The Following Figure Shows Equilibrium at the Industry and Firm

question 79

Multiple Choice

The following figure shows equilibrium at the industry and firm level. Figure 9.6
In the figure,
S₁,S₂,S₃ are the market supply curves.
D₁ and D₂ are the market demand curves.
MC is the marginal cost curve of the firm.
MR₁ and MR₂ are the marginal revenue curves of the firm.
ATC is the average-total-cost curve of the firm.
-According to Figure 9.6,at a price of $1,the firm would earn an economic profit of:

• A)$15.
• B)$9.
• C)$13.50.
• D)$12.50.
• E)0.

---

Definitions:

Prosumer Capitalism

A socio-economic system in which consumers are also producers of the content, goods, or services consumed, blurring traditional roles in the market.

Corporate Elite

A small group of powerful and wealthy individuals who control and influence significant aspects of the economy and political systems.

Prosumers

Individuals who both produce and consume goods or services, merging the roles of consumers and producers, especially prevalent in digital and online contexts.

Body-As-Organism

Viewing the body primarily in terms of its biological and physiological functions, often in contrast to its social or symbolic meanings.