Answer: b. monopolistically competitive
Explanation:
The characteristics of a monopolistically competitive industry includes:
1. Many Buyers and Sellers
2. No barriers to entry or exit
3. Non homogenous products
4. Firms are price makers
Therefore, the resturant is a monpolistically competitive industry.
The characteristics of an oligopoly includes:
1. Interdependence in decision making
2. There are few firms in the industry.
The characteristics of a monopoly includes:
1. There is only one firm in the industry
2. There are no subsistuites for the products.
3. High barriers to entry and exist.
The characteristics of a perfectly competitive industry includes:
1. Many buyers and sellers
2. No barriers to entry or exist.
3. No product differentiation.
