Compare the short-run and long-run equilibrium facing a firm

Reference no: EM132392888

Question -

a) Firms like Papa John's, Domino's and Pizza Hut sell pizza and other products that are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of these firms' products permits them to charge prices above the marginal cost. Given these above observations, is the pizza industry most likely a monopoly, perfectly competitive, monopolistically competitive or an oligopoly industry? How will your answer change if "numerous" is interpreted to mean 10?

b) "A firm in perfect competition makes no economic profit in the long run". Discuss this statement in no more than half a page.

c) Compare and contrast the short-run and long-run equilibrium facing a firm under conditions of monopolistic competition.

Reference no: EM132392888

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