What are the effects of innovation and technology on the cost of production?

What factors influence a firm’s competitive strategies? How does global economic competition affect the price elasticity of demand 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.

2)    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. How have technological innovations affected your organization?