The left graph shows a perfectly competitive market. Demand decreases and the demand curve shifts leftward from

D0 to D1. The right graph shows the cost curves and the marginal revenue curve of an individual firm when demand is D0.

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In the right?graph, draw the new MR curve when demand decreases to D1. Label it.

Draw a point to show the new price and the new quantity the firm produces.

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Draw a shape that shows the?firm's economic loss. Label it.

> > > Draw only the objects specified in the question. Price (dollars per unit) O Price and cost (dollars per unit) 20- 20- S 18- 18- MC ATC 16- 16- 14- MRO 10- 8- 18 8- 6- 6- Do 4- :24 :26 1 A 14 18 22 26 30 34 70 90 110 130 150 170 Quantity (thousands of units per week) Quantity (units per week)