Problem
1. "When a firm's total costs are less than its sales, the firm has increased the value of the resources it has used. Such firms will be rewarded with profits. In contrast, losses indicate that the resources used to produce a good were more valuable than the good that was produced. Profits are evidence of the wise utilization of resources, whereas losses are indicative of waste and inefficiency." Use economic analysis to defend or criticize this view.
2. How competitive is the U.S. economy? Is it less competitive today than three or four decades ago? Has the importance and power of big business grown in recent decades? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.