Author Question: Which of the following offers the best reason why restaurants are not considered to be perfectly ... (Read 245 times)

cnetterville · **on:** Jun 29, 2018

Which of the following offers the best reason why restaurants are not considered to be perfectly competitive firms?

A) Restaurants compete in small market areasneighborhoods and citiesrather than in regional or national markets. Therefore, restaurants are not small relative to their market size.
B) Restaurants usually have entry barriers in the form of zoning restrictions and health regulations.
C) Restaurants do not sell identical products.
D) Restaurants have significant liability costs that perfectly competitive firms do not have; for example, customers may sue if they suffer from food poisoning.

Question 2

The rules of accounting generally require that ________ costs be used for purposes of keeping a company's financial records and for paying taxes. These costs are sometimes called ________ costs.

A) explicit; accounting B) total; economic
C) real; explicit D) economic; legal

kaylee05 · **Reply #1 on:** Jun 29, 2018

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