ONLY USE THE READING PROVIDED
Include the two questions that you selected to discuss at the top of your initial posting.
· What are the characteristics of a perfectly competitive market?
· What is the difference between variable and fixed costs, how do they change in short-run vs. long-run? Provide an example in healthcare.
· What does increasing returns mean in the short-run? Provide an example of increasing returns?
· From an economic perspective, at what point does a firm decide to shut-down? Explain.
· When a market is perfectly competitive what does this imply about the supply curve and the price charged for a particular good?
· What is the level of profits in the long-run in a perfectly competitive market? Explain why.
· What is the difference between an economic and accounting profit?
· What is the principle of diminishing marginal return?
APA Requirements -Include Scholarly Evidence: Include at least TWO APA formatted references with correlating in-text citations.