Assume you are a student in a university town with a population of 200,000. Your parents will be visiting soon and you want to take them out for dinner. Name some of the local and chain restaurants that students visit, both on and off campus. How would you characterize the market for local restaurants? Is there product differentiation? In what specific ways do restaurants compete? To what degree are they able to exercise market power? Are there barriers to entry? How profitable do you think the restaurants are?