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Perfectly competitive level set by the market

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Kate's 24-Hour Breakfast Diner menu offers one item, a $5.00 breakfast special. Kate's costs for servers, cooks, electricity, food, etc. average out to $3.95 per meal. Her costs for rent, insurance cleaning supplies and business license average out to $1.25 per meal. Since the market is highly competitive, Kate should

  • raise her prices above the perfectly competitive level set by the market.
  •  keep the business open in the short-run, but plan to go out of business in the long-run.
  •  keep the business open in the short-run, and plan to expand the business in the long-run.
  •  lay-off her staff, break her lease, and close the business down immediately.

Reference no: EM131845994

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