Chapter- Imperfect competition and strategic behaviour.

** Please add references if you use any.

Suppose a perfectly competitive market for hot-dog stands in downtown Toronto becomes monopolistically competitive when gourmet, discount, an ethnic hot-dog retailer show up, making each cart slightly different. If hot dogs from different stands are now imperfect substitutes and there are numerous carts in the city, compare the producer and consumer surplus and total social welfare before and after the change.

*That's all about the question. No other information or data included.