“Looking Closely at Cost and Competition”
Watch this video, Revenue, Profits, and Price: Crash Course Economics #24 (https://youtu.be/UWImfFax8Ew) , to help you prepare for this week’s discussion.
Reply to the following prompts by using a business with which you’re familiar.
- Do you think it’s easy for your selected business to enter this same industry?
- What are some key fixed, variable, implicit, and/or opportunity costs?