The restaurant industry is monopolistically competitive. Thus: thousands of restaurants sell an identical product. food

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The Restaurant Industry Is Monopolistically Competitive Thus Thousands Of Restaurants Sell An Identical Product Food 1 (20.58 KiB) Viewed 14 times

The restaurant industry is monopolistically competitive. Thus: thousands of restaurants sell an identical product. food served at each restaurant tends to be differentiated among the many sellers serving the market. there is free entry but not exit. prices tend to be lower than they would be if the restaurant industry more closely resembled a perfectly competitive market. 1 point The formula for calculating accounting profit is total revenue minus total opportunity explicit financial costs minus implicit opportunity explicit financial costs.