Economics, Ch. 9: Businesses and the Costs of Production
- What is the difference between accounting costs and economic costs?
- Why do economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs?
- What are the differences between fixed and variable costs and among total, average, and marginal costs?
Economics, Ch. 10: Pure Competition in the Short Run
- What is the difference between a market structure and a characteristic of market structure?
- What are the main characteristics of the four basic market models?
- How can purely competitive firms use the total-revenue-total-cost approach to maximize profits or minimize losses in the short run?
Economics, Ch. 11: Pure Competition in the Long Run
- How does the long run differ from the short run in pure competition?
- How do profits and losses drive the long-run adjustment process of pure competition?
Economics, Ch. 12: Pure Monopoly
- What are the barriers to entry that shield pure monopolies from competition?
- What are the economic effects of monopoly?
Economics, Ch. 13: Monopolistic Competition and Oligopoly
- Why are monopolistic competitors only earning a normal profit in the long run?
- Why does monopolistic competition deliver neither productive nor allocative efficiency?
Each question min of 200 words. APA format.
McConnell, C., Brue, S., & Flynn, S. (2015). Economics Principals, Problems, and Policies (20th ed.).
(1) each answer must be longer than a few sentences [each must be long enough to support substantive discourse (description alone is not substantive)]; (2) try to integrate personal/professional experience where possible; (I work in marketing) and, (d) I expect evidence of research [I expect APA formatted citations to required readings and outside sources where possible, the more references per post and the more outside sources the better.