Answer these questions- Answers between 150-200 words. Must reflect critical thought and try to relate to real-world applications (i.e. jobs).**** ANSER ONLY 2**** 1)What are the effects of innovation and technology on the cost of production? How does technology affect market structure and real-world competition? Which market structure is best suited for technological innovation? Explain your answer. 2)What factors influence a firm¿s competitive strategies? How does global economic competition affect the price elasticity in the domestic market and decisions related to the strategy a firm uses to compete? Why do most economists oppose trade restrictions? Who have been the winners and losers as a result of the North American Free Trade Agreement? Explain your answer. 3)ow do you define social diversity and business ethics? How has a more diversified labor force affected the corporate structure and the economy? What are some potential roadblocks in promoting a diverse workplace? Explain your answer.