Question

The fast food industry is an example of which competitive structure? Thoroughly explain your answer

The fast food industry is an example of which competitive structure? Thoroughly explain your answer

Homework Answers

Answer #1

Answer - The fast food industry is an example if monopolisitic market strcture. This is because it contains a large number of buyers and sellers , free market entry and exit. It differentiates its products based upon the taste , style of serving etc and can price discriminate upon this. Hence this is perfect example of monopolisic competition.

Eg - A restaurant may sell a dish for $ 5 with a simple garnish , but the same dish may be for $ 15 , in another restaurant who has decorated its dish with nice garnish ingredients and is of a better level.

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