As shown in the I Love Lucy video clip, A Little Bit of Cuba and a Big Hunk of America are both in the restaurant market. Imagine the kind of market structure that restaurants in general operate in.
a. Using the table provided in the AVP describing the characteristics of the different market structures, classify the market structure that restaurants in general operate in. Explain your reasoning.
b. Choose a different firm from a different market structure and explain the characteristics of that market. It is best to go with a firm you frequent or are familiar with so you can speak from your own personal experiences. Note: Make sure that in parts a. and b. you described how competition affects the buyers and sellers involved in these market structures.
In paragraph a), you need to pick the type of firms that make up the restaurant market and describe the characteristics of the market structure and how competition affects the buyers and sellers in the market. Describe why you decided on the particular market structure you picked. In paragraph b), each student must pick a different business to talk about (the business must be in any other market structure besides the one you picked in paragraph a). Make sure you discuss the characteristics of the market structure and how it affects both the buyers and sellers in the market. Don't forget to spell check your posts and use good grammar so you maximize your score.