1.1 A large city has nearly 500 restaurants, with new ones entering regularly as the population grows....
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1.1 A large city has nearly 500 restaurants, with new ones entering regularly as the population grows.
The city decides to limit the number of restaurant licenses to 500. Which characteristics of this market are consistent with perfect competition and which are not? Is this restaurant market likely to be nearly perfectly competitive? Why?
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Related Book For
Managerial Economics And Strategy
ISBN: 9780135640944
2nd Global Edition
Authors: Jeffrey M. Perloff, James A. Brander
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