Which of the following characterizes the market that Panera Bread competes in?
A) All "fast-casual" restaurants face horizontal demand curves.
B) "Fast-casual" restaurants sell identical products.
C) Barriers to entry are low.
D) There are a small number of firms.
Answer: C
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According to the World Bank, remittances from its workers abroad accounted for what portion of Mexico's GDP in 2011?
A. 1% B. 3% C. 10% D. 20%
Deadweight loss results from:
a. equilibrium. b. underproduction. c. overproduction. d. none of the above are correct. e. Either b or c.
When someone buys a movie on DVD, the DVD is a ________ good.
A. collective B. private C. commons D. public
Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?
A) 26 thousand forks B) 60 thousand spoons C) 0 spoons D) 20 thousand forks