hello!!! could u pls read through this question and read through my answer to see if it makes sense? i just need clarification.

Consider the markets in which Uber Eats operates. Who are the producers and consumers in these markets? Are these markets perfectly competitive? Explain why or why not, considering the assumptions of a perfectly competitive market.

• Uber Eats operates as an oligopoly, which is a market structure where only a few firms dominate. For instance, Uber Eats provides contrasting products and services, dictates their own price, and maintains their market dominance through barriers to entry.
• In this case, the restaurants whom Uber Eats partners with are the producers as they combine labor and capital to yield customers' satisfaction and more capital. On the other hand, consumers are customers who simply want to order from their favorite local restaurants and get them delivered. Other consumers could be owners of cars and bikes who want to earn extra money by delivering food. They may treat Uber Eats as an additional source of income with flexible working hours.

Uber Eats is not a perfectly competitive market because its market is extremely concentrated as it is shared between a few common companies. Menulog, Deliveroo, and DoorDash are amongst the few companies which dominate the food delivery industry. Additionally, Uber Eats sets their own price to maximise their profits. Moreover, new firms typically struggle to penetrate into an oligopolistic market like Uber Eats. This is due to vigorous competition from previously well-established firms and their competitive wide-ranging products and services.