Question: 1,2, 3. Consider the fast-casual dining market. Explain how it matches the three characteristics of monopolistic competition. Label them 1, 2, 3. These are features

1,2, 3. Consider the fast-casual dining market. Explain how it matches

1,2, 3. Consider the fast-casual dining market. Explain how it matches the three characteristics of monopolistic competition. Label them 1, 2, 3. These are features (# sellers, entry and exit conditions, and comments on the firm's product/service relative to other firm's product/service) that constitute a monopolistic competition.

Use the graph below for 4. Suppose the graph below shows the conditions under which a representative restaurant in a local fast-casual dining market operates.

P Average MC Total Cost . . MR Demand

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