Question: Only large firms tend to enjoy lower costs due to scale of production. Do you think large firms can compete better than smaller firms and small firms will always be at the losing end because of this?

Using the following concept :

distinguish between costs and output decisions in the short and long run

vInterpret the different types of cost curves

apply the diagrammatic approach in discussing the variouscost curves

analyzehow firms choose how much to produce given their cost

apply concepts of Economies and Diseconomies of Scale,

explain whether you agree with the statement using specific examples based on an industry of your choice.