Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. Short description: A graph plots q against dollars. Long description: The horizontal axis representing q ranges from 0 to 800, in increments of 100. The vertical axis representing dollars ranges from 0 to 6, in increments of 1. The graph plots three curves. The first curve representing SMC passes through the following points: (200, 1.7); (300, 2), (400, 2.5), (500, 3), (600, 3.8), and (700, 5). The second curve representing ATC passes through the following points: (300, 5), (400, 4.3), (500, 4), (600, 3.9), (700, 4), (800, 4.5), and (850, 5). The third curve representing AVC passes through the following points: (200, 3), (300, 2.7), (400, 2.5), (500, 2.6), (600, 2.7), (700, 3), (800, 3.5), and (850, 4). SMC and AVC intersect at (400, 2.5). SMC and ATC intersect at (615, 3.9). Note: all values are approximate. FIGURE 9-3 Refer to Figure 9-3. If the market price is $3, at the profit-maximizing level of output the firm's profit is a. $2000. b. $1500. c. $500. d. -$500. e. $0