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Restaurants, bars, bowling alleys and other businesses related to entertainment and social outings have suffered immensely since the onset of the pandemic. These industries closely
Restaurants, bars, bowling alleys and other businesses related to entertainment and social outings have suffered immensely since the onset of the pandemic. These industries closely resemble the monopolistic competition industry model. Many of these firms will fail to survive the pandemic economy. Using economic analysis, predict which firms will survive the pandemic. Be certain to comment on fixed costs vs. variable costs and short-run vs. long run analysis. Will the horrific economic experience suffered by small business owners deter individuals/groups from entering these industries in the future? Explain
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