The above figure illustrates a firm 39 s total revenue and total cost curves Which one of the follow...........

The above figure illustrates a firm's total revenue and total cost curves. Which one of the following statements is FALSE?

At output Q1 the firm makes zero economic profit.

At an output above Q3 the firm incurs an economic loss.

Economic profit is the vertical distance between the total revenue curve and the total cost curve.

At output Q2 the firm incurs an economic loss.

At output Q2 the firm incurs an economic loss.

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