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1. Draw a diagram illustrating the case of a perfectly competitive business firm making a profit. Label the demand curve D, the marginal revenue curve

1. Draw a diagram illustrating the case of a perfectly competitive business firm making a profit. Label the demand curve D, the marginal revenue curve MR, the marginal cost curve MC, and the average total cost curve ATC. Show the quantity the firm will choose to produce and the price it will charge and mark those Q1 and P1 respectively

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