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*Examine how changes in the cost of production affect the pricing and production quantity decisions of a firm in a perfectly competitive market.
*Apply critical thinking to use principles of sound reasoning.
Insert your answers in the appropriate space provided for the question. Your answers should:
*follow the current APA format with citations to your sources,
* include a list of references at the bottom of your last page,
* be in Standard English with correct spelling, punctuation, grammar, and style,
* be double-spaced,
*be formatted in Times New Roman,12-point, black font, and
* respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.
The book we are using is Krugman, P. & Wells, R. (2021). Microeconomics (6th ed.). Macmillan Learning.