Refer to the accompanying figure. During low-peak times, what price-quantity combination should the firm charge to maximize profit?

The values Q sub 1, Q sub 2, and Q sub 3 lie on the horizontal Q axis, and the values P sub 1, P sub 2, P sub 3, and P sub 4 lie on the vertical P axis. A pair of straight lines labeled M R sub Low and D sub Low start from a value between P sub 3 and P sub 4, dip, and pass through the points (Q sub 1, P sub 1) and (Q sub 2, P sub 1), respectively. A pair of straight lines labeled M R sub High and D sub High start from a value above P sub 4, dip, and pass through the points (Q sub 3, P sub 2) and (Q sub 3, P sub 4), respectively.

Multiple Choice

• P₁and Q₂
• P₂and Q₁
• P₃and Q₁
• P₁and Q₁