Draw, and carefully label the graphs listed below for a perfectly competitive industry. Hint: draw graph...

  

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Draw, and carefully label the graphs listed below for a perfectly competitive industry. Hint: draw graph 1 on the left, and graph 2 on the right. . Graph 1: Market supply and demand. . Graph 2: Individual firm marginal cost, average total costs, average variable costs, price, marginal revenue, and demand for this perfectly competitive firm. Define each of these. d. Refer to graph 2 above to explain what would happen to some mutually beneficial transactions if the profit maximizing rule is not followed by the producer. Hint: explain the results of too little, or too much output. Draw, and carefully label the graphs listed below for a perfectly competitive industry. Hint: draw graph 1 on the left, and graph 2 on the right. . Graph 1: Market supply and demand. . Graph 2: Individual firm marginal cost, average total costs, average variable costs, price, marginal revenue, and demand for this perfectly competitive firm. Define each of these. d. Refer to graph 2 above to explain what would happen to some mutually beneficial transactions if the profit maximizing rule is not followed by the producer. Hint: explain the results of too little, or too much output.