Business, 23.04.2020 21:02 Otod207

Restaurants offer related but differentiated products to their consumers. In the long run, new restaurants enter the market and imitate the cuisine and atmosphere of successful competitors. With this in mind, which of the following statements would be correct about a restaurant's prices in the long run?

a. In the long run, restaurants will enter the market as long as there are positive profits
b. In the long run some restaurants will leave the market, creating economic profits for those restaurants who stay c. Price will be equal to MC and be greater than ATC ine long run.
d. As more competitors and substitutes enter, the demand curve for a particular restaurant will shift to the right
e. Price will be equal to ATC in thie long run for firms in a monopolistically compettive market.
f. In the long run, profits will be normal for the restaurants in a monopolistically competitive market.

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Restaurants offer related but differentiated products to their consumers. In the long run, new resta...

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