Question: Im struggling in this question. Please help me explain. Thank you so much! 1. Do higher costs mean higher prices? Explain your answer. 2. The

Im struggling in this question. Please help me explain. Thank you so much!

1. Do higher costs mean higher prices? Explain your answer. 2. The term "price taker" can apply to buyers as well as to sellers. A price-taking buyer is a buyer who cannot influence the price by changing the amount she buys. What goods do you buy for which you are a price taker? What goods do you buy for which you are not a price taker? 3. Do firms in a perfectly competitive market exhibit productive efficiency? Why or why not? 4. Two firms produce computer software. Firm A employs a software genius at the same salary that firm B employs a mediocre software engineer. Will the firm that employs the software genius earn higher profits than the other firm, ceteris paribus?

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4. What is the goal of the others in the network?

2. What we can learn from the past