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avinash0312 avinash0312
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Posts: 325
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A week ago

Question 1.

Which of the following characterizes the market that Chipotle competes in?



All "fast-casual" restaurants face horizontal demand curves.



Barriers to entry are low.



"Fast-casual" restaurants sell identical products.



There are a small number of firms.



Question 2.

Figure 13-8



Figure 13-8 shows cost and demand curves for a monopolistically competitive producer of iced tea.



Refer to Figure 13-8. Based on the diagram, one can conclude that



firms achieve productive efficiency.



some existing firms will exit the market.



the industry is in long-run equilibrium.



new firms will enter the market.

Textbook 

InMicro


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IsackIsack
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Posts: 308
A week ago
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Answer 1

Barriers to entry are low.



Answer 2

new firms will enter the market.

1

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