Answer 8 of these questions in at minimum of 125 word count

WEEK 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?