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On the graph below, use demand, marginal revenue, marginal cost, and average total cost curves to illustrate a perfectly competitive firm earning an economic profit.

On the graph below, use demand, marginal revenue, marginal cost, and average total cost curves to illustrate a perfectly competitive firm earning an economic profit. Label the firm's profit-maximizing output Q* and the profit-maximizing price P*; also shade and label the firm's economic profit.

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