10. The graph below shows cost curves for a firm operating in a perfectly competitive market. Curve 1 represents Marginal Cost (MC), Curve 2 represents Average Variable Costs (AVC) and Curve 3 represents Average Total Costs (ATC). Price of Oranges ($) 21 20 19 18 16 15 14 Curve 3 13 12 11 10 9 8 7 Curve 2 5 Curve 1 4 3 2 1 D 0 1 2 3 4 5 6 B Quantity of Oranges Suppose that the equilibrium price is $6.56. This firm is earning a. Profits I b. Zero Economic Profits (Break-even point) c. Losses

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