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avinash0312 avinash0312
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4 years 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

InMicro


Edition: 1st
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IsackIsack
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avinash0312 Author
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4 years ago
Thanks
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