1. Does this business have competitors such as perfect competition, monopolistic competition, an oligopoly, or is it a monopoly? Explain why you selected this market structure. How would this impact the pricing strategy?
2. What are the necessary inputs to operate this business? These will include short run costs and long run costs. (Consider rent/mortgage, computers, desks, supplies for production, utilities, etc.)
3. Expect the price of an input to vary. How will it impact the quantity produced, and the cost to consumers? Please include an example.