Last Word

1. If a firm's current revenues are less than its current variable costs, when should it shut down? If the firm decides to shut down, should we expect that decision to be final? Explain using an example.

2. How can patents speed up the process of creative destruction? How can patents slow down the process of creative destruction? How do differences in manufacturing costs affect which industries would be most likely to be affected by the removal of patents?

Additionally, please write 3 summation paragraphs for each Chapter relative to the most significant pieces such as...what is really meant by Pure Competition as a market model? What connections can you make?