Required Resources
Read/review the following resources for this activity:
online book : Chapter 7, 8 from free website of book at: https://opentextbc.ca/principlesofeconomics/chapter/introduction/
Lesson
1 news article
Minimum of 1 scholarly source (in addition to the textbook)
Initial Post Instructions
For the initial post, address the following:
Locate a news article discussing a social services business failure or closure. Using the concepts in the lesson and Chapter 7, identify the root causes for the failure, examining the short run and long run. Use graphs if necessary.
Assume the business was in a perfectly competitive market. How do firms in a perfectly competitive market determine price and profit-maximizing output levels? How did these conditions affect the decision to close?
