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.

Reference:

McConnell, C., Brue, S., & Flynn, S. (2015). Economics Principals, Problems, and Policies (20th ed.).

IMPORTANT:

(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.