Rubric for FRQ 1 (7 points)
1 point: Correctly labeled axes
1 point: Downward-sloping demand curve
1 point: Marginal revenue curve below the demand curve
1 point: Loss-minimizing quantity below where MC = MR
1 point: Loss-minimizing price on demand curve above where MC = MR
1 point: U-shaped average total cost curve above the demand curve at every quantity
1 point: Correct loss area shaded