One reason why the "fast-casual" restaurant market is competitive is that
A) demand for "fast -casual" food is very high.
B) it is trendy and therefore is likely to have a customer following.
C) barriers to entry are low.
D) consumption takes place in public.
Answer: C
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Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be
A) $1 per pound. B) $2 per pound. C) $3 per pound. D) $4 per pound.
The nutritional information now available at many fast food restaurants is an example of:
A. a failed attempt by government to reduce information asymmetry. B. requiring the more informed party to reveal the missing information. C. government regulation to screen out unhealthy food for consumers. D. government requiring the restaurants to signal whether food is healthy or not.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
In a simple lawn-mowing business where you have a push mower and labor as input, what would be the impact of adding an additional input in the form of a gas self-propelled mower (capital)?
A. Average product and marginal product would fall. B. Average product and marginal product would rise. C. Average product would rise, and marginal product would fall. D. Average product would fall, and marginal product would rise.