what would happen if three more restaurants opened in a small town where only four restaurants were open for business originally?

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20-12-2022
Business

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what would happen if three more restaurants opened in a small town where only four restaurants were open for business originally?

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qwapple qwapple · Answer 1 · 2022-12-26T09:41:14+01:00

The restaurants would become more like a competitive market if three more restaurants opened in a small town where only four restaurants were open for business originally.

In a competitive market, neither a single customer nor a single manufacturer can have a significant impact on the market. Its response to supply and demand changes as shown by the supply curve, which depicts the quantity of a good.

Supply curves change to maintain the producer's expenses in relation to its sales because a competitive market requires the producer to be willing to offer a product for what the market will pay.

Multiple factors determine market prices and, hence, market supply in a perfectly competitive market. Because independent price adjustments could result in a loss in sales, competitive market producers in this structure are price-takers who accept the market price.

To know more about competitive markets:

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