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Answer 8 of these questions in at minimum of 125 word countWEEK 3 DISCUSSION QUESTIONS 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 Consider the following as you read: 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. 9: Businesses and the Costs of Production Consider the following as you read: 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 Consider the following as you read: 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 Consider the following as you read: Why are monopolistic competitors only earning a normal profit in the long run? Why does monopolistic competition deliver neither productive nor allocative efficiency?
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