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a) Assume Frank owns a café along Chapel Street, where there are 10 other similar cafes within walking distance. What type of market structure is Frank in.? Explain.
The type of structure Franks business is in is the Monopolistic structure because there are many other cafes within the walking distance. Additionally, the entry and exit barriers are easy.
b) Explain four ways Frank can try to maximise his chances of making an economic profit in the short run.
c) Is it possible for Frank to make economic profit in the long run? Explain.
d) What are Frank's option(s) if economic loss remains in the long run?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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