3. We claimed in class that firms minimize costs. (15 marks) a. if that is so, does that mean that they must invariably deliver lowquality products? Briefly explain. (5 marks) b. The oilsands cost data I showed indicated that not every firm seems to have the same cost. Does that mean that some must be not cost-minimizing? Briefly explain. (5 marks) c. What should we expect must happen to firms that do not cost-minimize? Briefly explain