Think about a firm that you have done business with recently. What industry does

Question

Think about a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of the firm. Use the characteristics/features of the different market structure to determine which market structure to classify your chosen firm. (Original work needed, no copy and paste from google. please help!)

Explanation / Answer

Pizza firm has many competitors in the food industry. It main competitors are McDonald, Burger king corporation, KFC, etc. This an example of monopolistic competition or imperfect competition. This cannot be regarded as the monopoly or perfect competition. Following are main features of food industry that classify it as monopolistic competition:

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