Perfect competition-monopolistic competition-oligopoly

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Reference no: EM134039611

Question

Prior to beginning work on this assignment, review Chapters 1 - 12 of your textbook, Principles of Microeconomics. Pick any ONE business/company of your choice. The company you choose can be a small local restaurant or a large multinational company.

1. Describe the basics of hells kitchen- including the size of the business, types of goods/services the business sells, and possible barriers to entry/exit.

2. Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.

3. Discuss what kind of market structure hells kitchen falls under. Why?

4. Analyze whether the demand of the goods/services sold by hells kitchen are elastic or inelastic. Why?

5. Discuss if there are any externalities involved. If so, explain how the externalities can be fixed.

6. Discuss any roles that larger companies can play in promoting inclusion, equality and reducing poverty.

Reference no: EM134039611

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