Identification. Answer the following questions below. QUESTIONS: 1.) What are the ways to cut firm's production costs? 2.) What determines the firm's market power or competitive advantage? 3.)...

Identification.Answer the following questions below.

QUESTIONS:

1.)What are the ways to cut firm's production costs?

2.)What determines the firm's market power or competitive advantage?

3.)Graphically, in a purely competitive market, demand is equal to what?

4.)Using curves, graphically, a firm will shutdown if what?

5.)What is an output at which the firm makes a normal profit but not
economic profit?