4. Suppose that the restaurant industry is perfectly competitive. Joe’s Diner is always packed in the evening but rarely has a customer at lunchtime. Why doesn’t Joe’s Diner close—temporarily shut down—at lunchtime?

 





Figure 1 Table 1 schedule for toys.

Price (dollars per toy)

Quantity demanded (thousands of toys per week)

24 1,000 21 1,500 18 2,000 15 2,500 12 3,000