Explain to a businessman the different types of costs of production and what they mean in business.

1. Explain to a businessman the different types of costs of production and what they mean in business.

2. Describe the four main market structures, reasons why they exist and give examples of business that adopt each of the structures with reasons.

3. Give examples of and ways of dealing with:

i) Market failure

ii) Positive and negative externalities,

iii) Public goods

iv) Common resources.