Can you help me with this problem?
Grocery stores & gasoline stations in a large city would appear to be examples of competitive markets: There are many relatively small sellers, each seller is a price-taker & the products are similar.
1.How could you argue that these markets are not competitive & why?
2.Could each company face a demand curve that is not perfectly elastic & why?
3.How profitable do you expect these stores and stations to be in the long run & why?
Show the profitability of the stores.