(Solution) ECON312N Week 3 Discussion: Concepts of Cost Structures under Perfect Competition


 ECON312N Principles of Economics

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?


“Lutheran Social Services of North DakotaLinks to an external site., a nonprofit agency that has provided various services since 1919, is closing its doors, citing financial struggles” (US News, 2021). This closure is due to the affordable housing part that only fore sought more financial losses for the future. Therefore, it deemed this closure necessary to prevent any further financial loss. This agency initially acted as a shelter for children that were neglected and orphans. Most recently before its closure it had been helping assist people with housing and with prison re-entry programs.……please click the icon below to purchase full solution at $5