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1 page/≈275 words
Mathematics & Economics
English (U.S.)
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Fast Food Industry's Market Structure (Essay Sample)


the paper evaluates the market structure of a key player in the fast food industry

Fast Food Industry’s Market Structure
The market structure of MacDonald’s is a monopolistic competition. It has characteristics of both a monopoly and a perfect market structure. For example, MacDonald’s is not a price taker. This is because it is revising its $1 menu, to increase prices without putting much consideration of what its competitors are charging. Some of its products will now sell at as more as $5. There is as well an element of product differentiation. In a monopolistic competition market structure, firms differentiate their products as a way of attracting and maintaining more customers. One of the key ways through which the company differentiates its products is by making them of high quality. It as well differentiates its products through unique packaging. Another tangible characteristic is the fact that there are a large number of buyers ...
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