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How to Submit ECO302 GDB Complete Guideline
Fast Food is highly
appreciated all around the World, including Pakistan where it is eaten by
people in all age groups. There is enormous attractive and tempting variety of
fast food restaurants in Pakistan. Each restaurants in Pakistan. Each
restaurant offers something different and possesses an element of
uniqueness, but all are essentially competing for the same customers. Some
customers prefer McDonald’s over Burger King. Some prefer Dominoes over Pizza
Hut. Pakistanis have a zeal and passion of all types of food so keeping in view
the demand side and handsome profits, fast food restaurant business is quickly
spreading in the country.
Requirement:
Read the above scenario
and explain in which market structure fast food restaurants fall and how?
Answer:
- A firm (McDonald, Burger King) offer products that are similar but not perfect alternatives.
- In Market there is competition but the decision of any one firm do not directly affect those of its competitors.
- Firm (McDonald, Burger King) perceives a demand for its goods that is an intermediate case between monopoly and competition.
ECO302 GDB Solution 2022
