Please answer all the questions thanks

Date: Name: Course: Econ 1730 Section: Chapter nlno Key terms. For your own study, he prepared to define and give an example of the following key terms: (You do not need to include key terms in the assignment.) perfect competition. monopoly. xed cost, variable cost. average xed cost, average variable cost, average cost. marginal cost, diminishing marginal returns Please list out and answer the following questions: 01. Explain the difference between short run cost and long run cost? In the long run are there any xed costs? Please explain. 02. What is the difference between marginal cost and average cost? 03. if average cost is increasing. what do we know about marginal cost? (Meaning what is its value in relationship to average cost?) Q4. Explain the law of diminishing marginal returns in relation to the production of a good. Explain how diminishing marginal returns affect marginal cost? 05. Explain how each of the following will affect average xed cost and average variable cost. a. New union agreement increases hourly pay b. Local government imposed an annual lump-sum tax per plant. c. New steel-making technology increases productivity of every worker. 06. Explain in your own words why the following LRAC curve could only have one producer in a market if market demand were less than 30,000 units. (imagine if demand were 9,000 units. What would the cost be for a secor'icl rm trying to enter the market? Could it compete? What would its costs be in relation to the established rm?) What is the economic term for this type of market