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9. The takeaway food market consists of many small firms who compete for customers. In recent years, websites and apps like Just Eat have revolutionised

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9. The takeaway food market consists of many small firms who compete for customers. In recent years, websites and apps like Just Eat have revolutionised the market. Takeaway firms used to spend a lot of money printing menus and employing someone to distribute them around a neighbourhood in order to advertise. Now, they can upload their menus directly to Just Eat and use the platform to take orders at a much lower cost. Describe fully the short-run and long-run effects of the introduction of Just Eat on a representative firm's profits, the number of firms in the market, and the equilibrium price of a takeaway, employing any appropriate diagrams. (15 marks)

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