<u>The reason that the “fast-casual” restaurant market is monopolistic competitive rather than perfectly competitive because the products are differentiated.
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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
<u>brainly.com/question/7103791
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2. Learn more about a competitive market
<u>brainly.com/question/11095403
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3. Learn more about cartel
<u>brainly.com/question/1619397
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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.
