Competition from Amazon and other online booksellers has resulted in some brick-and-mortar bookstores suffering losses. According to an article in the New York Times, over the past 15 years, the number of bookstores in the borough of Manhattan in New York City has declined by 30 percent.
Draw a graph showing the effect on a remaining bookstore of the exit of many competitors from this industry. Be sure that your graph includes the bookstore's demand, marginal revenue, marginal cost, and average total cost curves. Your graph should show changes in any of the curves. It should also show any changes in the area representing the store's economic profit (or loss). Be sure to explain any assumptions you are making.
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