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Tom owns a Beat Farm and monopolizes Beat sales along a remote stretch of road. In June, Tom stayed open even though he earned negative economic profits. Draw a correctly labeled graph for Tom's Beat Farm during June and show each of the following. . The profit-maximizing output and price, labeled QT and PT . The average total cost curve, labeled ATC . Deadweight loss, completely shaded What must have been true for Tom to continue operating during the month of June even though he earned negative economic profit? Assume that fixed costs for Tom's Beat Farm decrease. Would Tom's profit-maximizing quantity increase, decrease, or stay the same in June? Explain. During the month of December, demand increases so that Tom now earns a positive economic profit. However, he realizes his profits would have been higher if he had reduced the price of Beats. At the quantity sold in December, was marginal revenue greater than, equal to, or less than marginal cost? Would the price decrease cause quantity demanded to increase, decrease, or stay the same? Would the price decrease cause the total revenue to increase, decrease, or stay the same? Explain