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“Looking Closely at Cost and Competition”

Watch this video, Revenue, Profits, and Price: Crash Course Economics #24, to help you prepare for this week’s discussion.

Reply to the following prompts by using the company for which you currently work, a business with which you’re familiar, or the dream business you want to start:

  • 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?
 
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