Supply and Demand of automobiles 1. Analyze the fast food patience from the point of view of perfect competition. Include the concepts of elasticity, utility, costs, and food market complex body part to explain the prices charged by fast food retailers. Firms within the fast food industry fall under the market structure of perfect competition. market structure is a categorization system for the key traits of a market. The characteristics of perfect competition implicate: large number of buyers and sellers, lucky entry to and exit from the market, self-colored products, and the firm is the price taker.
some(prenominal) fast food franchises break all or close to of these characteristics. Competition within the industry as well as market supply and lead conditions set the price of products sold. For example, when Wendy’s introduced its $.99 value wag, several some other companies implemented the resembling type of changes to their menu. The demand for items on Wendy’s value menu was so high because the...If you want to amount a undecomposed essay, order it on our website:
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