Draw and describe a diagram representing the cost curves - MC, ATC, and AVC - for a profit-maximizing firm under perfect competition. Show U-shaped ATC and AVC curves. Label the breakeven and shut down prices. Also, show a price between the breakeven and shut down prices and explain how the firm decides on its profit-maximizing/loss-minimizing output level at that price and show how the amount of profit or loss can be shown in the diagram