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Market characteristics for a pizza franchise

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Please help answer the following problems.

Imagine that you have recently purchased a franchise pizza restaurant.

1. In what type of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics that make it this type of firm?

2. What type of competition does your firm face? Who are some competitors?

3. How do you think your firm can increase its market power?

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Solution Summary

This solution answers questions about the type of market that a pizza franchise restaurant operates in. It discusses the type of market in which a franchise operate, the types of competition the firm faces, and how a firm can increase its market power. The explanation is given in 233 words.

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1. In what type of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics that make it this type of firm?

A pizza restaurant is a monopolistic competitor. The characteristics of a monopolistically competitive market are:
- Large number of sellers. Even if yours is the ...

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