Please provide a Minimum of 3 sentences of explanation for each question.

1. Briefly explain how the total revenue for a prot-seeking firm is determined. 2. Briefly describe the spectrum of competitive situations faced by firms in markets. 3. Briefly explain what is meant by the term "variable costs" and provide three examples of same. 4. Briefly explain what is meant by the term "fixed costs" and provide three examples of same. What determines a firm's level of fixed costs? 5. Contrast the role of fixed costs and variable costs in economic decisions about future production and pricing. 6. Briefly discuss marginal costs, including an explanation of how they are calculated; any condition that is typical to them, and what makes knowing them useful