1. Assume Frank owns a caf along Chapel Street, where there are 10 other similar cafes within walking distance. What type of market structure is Frank in.? Explain.
2. Explain four ways Frank can try to maximise his chances of making an economic profit in the short run.
3. Is it possible for Frank to make economic profit in the long run? Explain.

4.What are Frank's option(s) if economic loss remains in the long run?