Power consumed by an LED in a simple circuit

I am in the very beginnings of studying circuits and am a little confused on calculated Power.

If I have a 9V Battery, 4 x 10k Resistors and a single LED, how would I calculate the power consumed by this LED?

I have measured current of the circuit and voltage measured at the LED anode/cathode.

If I am reading my book correctly, is it really as simple as P=V*I?

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^{simulate this circuit – Schematic created using CircuitLab}