1. Draw each of the following scenarios for a firm in a price
searcher market with low barriers to
entry for the short-term and long-term. In the end, you should have
6 graphs. Label and include
all of the following in each graph: demand curve (d), equilibrium
price (P), equilibrium quantity
(q). MC curve, ATC curve, MR curve, area of profit (if there are
any), area for losses (if there are
any). Be sure the MC curve intersects the ATC...