Production and Cost in the Firm
- Identify the factors affecting production and costs in the short run to determine which single factor has the greatest impact on the widest variety of companies. Provide specific examples to support your response.
- Discuss how firms may efficiently reduce costs in both the short run and long run.
- Provide two examples or characteristics of the good or service that exhibit the properties of a good produced in a perfectly competitive market. Explain your answer.
- Referring to the same good, discuss how different cost structures influence that industry’s long-run supply curve. Again, provide specific examples to support your response.