List and briefly describe the main characteristics of a perfectly competitive market.

List and briefly describe the main characteristics of a perfectly competitive market.

Graphically show a perfectly competitive firm who is earning a short run profit. Is this possible in the long run?  Why/why not?

Graphically show a perfectly competitive firm that is losing money in the short run but who should continue producing.

Make-up a numerical example showing why it is often rational for a perfectly competitive firm to stay in business in the short run even though they may be losing money.

Can a perfectly competitive firm earn long run profits? Why/why not.

If breaking even (zero economic profit) is the only long run outcome possible for a perfectly competitive firm, why would anyone enter such a market?

List and briefly describe the main characteristics of a monopolistic firm.

May a monopolistic firm earn long profits? Why/Why not.

Show graphically a monopolistic firm earning short run profits.

Using the deadweight welfare loss diagram, explain the inefficiency involved when a competitive industry is monopolized.

List a briefly explain the primary anti-trust laws that deal with monopoly.

List several barriers to entry and explain the importance of them.

HOSP 410 Restaurant Management Entire Course

Devry HOSP 410 Week 1 Discussion

Introduction to Restaurants (graded)

The restaurant industry is often mistaken to be thought of as an easy business to run. We will begin this week’s discussion with your opinion on this matter. Do you think restaurants are easy to run? Why or why not? Please elaborate on your answer, and feel free to share some examples.

DQ 2

Kinds and Characteristics of Restaurants (graded)

In the restaurant industry, there are diverse types of restaurant ownership. What is the fastest growing trend of characteristics of restaurants today? Back up your answer with some research either from our textbook or any other reliable sources. Don’t forget to always cite your source in APA format at the end of your post.

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