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3 years ago

The reason that the "fast-casual" restaurant market is monopolistically competitive rather than perfectly competitive is because

2 answers:

5 0

A market which is monopolistically competetive has an imperfect competition and characterized with many producers that sell products that are differentiated from one another. Because of this there are not perfect substitutes.
So, the reason that the "fast-casual" restaurant market is monopolistically competitive rather than perfectly competitive is because products are differentiated.

lord [1]3 years ago

5 0

The reason that the “fast-casual” restaurant market is monopolistic competitive rather than perfectly competitive because the products are differentiated.

Further Explanation:

Fast-casual restaurant:

The fast-casual restaurant is a type of restaurant that advertises the good quality food and has a product differentiated. It is midway between fast food and casual dining. This type of restaurant does not provide full table service. They are just offering good quality food and have low processed ingredients.

Monopolistic competitive:

A competitive refers to a type of competition in the market, in which only one seller sells the product in the market. In this type of competition, the product is differentiated. That's why the seller sells the product in the market at higher prices and earns a maximum profit.

Perfectly competitive:

Perfectly competitive is a type of competition in the market, in which there is no barrier to entry and exit in the market. The product is homogenous, and all the sellers reap the same amount of profit. In a long period, there is no profit.

Monopolistic competition is the reason behind the fast-casual restaurant considered as a monopolistically competitive rather than perfectly competitive market.

Learn more:

1. Learn more about monopolistic competition

brainly.com/question/7103791

2. Learn more about a competitive market

brainly.com/question/11095403

3. Learn more about cartel

brainly.com/question/1619397

Answer details:

Grade: Middle School

Subject: Economics

Chapter: Competitive market

Keywords: fast-casual restaurant, monopolistically competitive, rather than a perfectly competitive market, product, differentiated, fast food,casual dining.

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