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You live in a small town and there is only one Indian restaurant in a town. The next Indian ...

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You live in a small town and there is only one Indian restaurant in a town. The next Indian ...

You live in a small town and there is only one Indian restaurant in a town. The next Indian restaurant is 30 miles away. Is this Indian restaurant a monopoly?

▸ Yes, because the demand curve facing the Indian restaurant is downward sloping.

▸ No, because there are Indian restaurants in other towns.

▸ No, because there are close substitutes for the Indian restaurant such as other restaurants in town and Indian food sold in the local supermarket.

▸ Yes, because it is the only Indian restaurant in the town.

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Essential Economics for Business

Edition: 5^th

Authors: Sloman, Jones

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This calls for a celebration Person Raising Both Hands in Celebration

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