Answer the best way you see fit. Your answers should be complete and accurate. Question 1: With respect to production, what is the difference between the short-run and the long-run? Question 2: Explain in your own words the difference between accounting profits and economic profits. Question 3: For this question assume a firm is producing in the short run. A) What does it mean for a firm to be experiencing diminishing marginal returns? B) What is the explanation for diminishing marginal returns in the short run? C) Provide an explanation for why marginal cost is increasing when there are diminishing marginal returns. Question 4