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Consider the pizza market for the lower mainland. In 2014. two new chains, Papa John's and Pizza Pizza entered the market. You will need to
Consider the pizza market for the lower mainland. In 2014. two new chains, Papa John's and Pizza Pizza entered the market. You will need to draw two graphs to answer this question. a. Think about the market before these two firms entered. Using a graph for a monopolistically competitive firm show the situation that existed to attract Papa John and Pizza Pizza into the market. (7 marks) b. Next draw the situation for a monopolistically competitive firm that would end any new entry to the pizza market. (8 marks)
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