Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000,
the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for
$12 per unit. At Q = 1,000, the firm's profits equal
-$200.
$1,000.
$3,000.
$4,000.