Question: Please graph the following : 1. A side-by-side perfectly competitive market and firm earning short-run profits (shaded). 2. A side-by-side perfectly competitive market and firm

^{Please graph the following :}

1. A side-by-side perfectly competitive market and firm earning short-run profits (shaded).

2. A side-by-side perfectly competitive market and firm producing short-run losses (shaded).

3. A side-by-side perfectly competitive market and firm in a short-run shut-down position.

4. A side-by-side perfectly competitive market and firm in long-run equilibrium.

5. A side-by-side increasing-cost perfectly competitive market and firm going from one long-run, to short-run economic profits (Demand driven), and ultimately a second long-run equilibrium.

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