Draw the short-run ATC, AVC, MC, MR and Demand graphs for a perfectly competitive market experiencing a profit. In each part, show Total Cost (TC), Total Revenue (TR), shade the profit. Clearly label Q for the equilibrium quantity point and P for market price point. a. Draw a profit situation for perfect competition.
b. Draw a loss (not shutdown) situation for perfect competition
c. Draw a loss (not shutdown) situation for monopoly market
d. For this graph show a monopoly and perfect competition on the same graph space for profit. For this question you do not need to show TR, TC or shade a profit, but do show the Quantity perfect competition (Ope), Price perfect competition (Pps), Quantity monopoly (m) and Price monopoly (Pm)