How would you expect mcdonald to set its prices in short run

Reference no: EM131919256

Problem

McDonald's, Burger King, and Wendy's all produce hamburgers, among other things. However, if you prefer burgers from McDonald's, you might consider other burgers an imperfect substitute. With this in mind, how would you expect McDonald's to set its prices in the short run? Describe the relationship between price, marginal revenue, and marginal cost.

Reference no: EM131919256

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