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- In which type of market, monopolistic or competitive market, is the equilibrium market price lower? Why?Information about Competitive marketYou decide to create a burger restaurant named BurgerDeals to help pay for college fees. The table below contains total pricing information for your single product, large extra-cheese burger. Your town's burger market is fiercely competitive, with big extra-cheese burger selling for $7 on average. Fill in the blanks in the table and answer the following question. What does each burger cost on average if you make 8 burgers?
- Definition of Perfect marketTrue/ False In real life perfect competition market does not exist.You decide to create a burger restaurant named BurgerDeals to help pay for college fees. The table below contains total pricing information for your single product, large extra-cheese burger. Your town's burger market is fiercely competitive, with big extra-cheese burger selling for $7 on average. Fill in the blanks in the table and answer the following question. What is AVC if you produce 6 burgers?
- You decide to create a burger restaurant named BurgerDeals to help pay for college fees. The table below contains total pricing information for your single product, large extra-cheese burger. Your town's burger market is fiercely competitive, with big extra-cheese burger selling for $7 on average. Fill in the blanks in the table and answer the following questions F. How many burgers should you make if you want to optimize your profit?G. If you produce at the profit-maximizing level (or loss-minimizing level), what is theamount of economic profit (or loss) per burger will you make?H. Illustrate graphically BurgerDeals supply curve.Is a firm that satisfies the immediate needs and wants of target markets always doing what’s best for its consumers in the long run?Outline the economic factors that affect marketing decisions and consumer buying power.