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Question 3: In a competitive market, and in a world of economic uncertainty, CEO's in major companies struggle to reduce costs and increase productivity, so they can maintain economic profitability in the worst scenario. 1. What is the difference in term of cost structure between the long-run and the short-run? 2. Operating in the long-run, apply the relevant economic concepts, to minimize costs and enhance efficiency? 3. Are costs lower in the long-run than in the short-run, for all output levels, Why? Explain? 4. Is laying off a sizable a fraction of labors (a cross-the-board layoffs) economically efficient to reduce costs? Explain? 5. Large banks have a minor or no cost advantage to smaller banks, and therefore experience (MES) at early stage with relatively limited scale of operation, should the banking managers be based on cost savings? Explain