Why do we, as consumers, prefer the prices found in competitive markets? How are the prices in perfectly competitive markets determined? Explain,

Which of the four market structures that we covered is most profitable for the firm? Is this the best market structure for consumers? Why or why not? Explain.

We've made a pretty big deal about the differences between fixed and variable costs. Why does variable cost change as output changes? From your perspective as a manager, why is this important? Explain.