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In Des Moines, Iowa, 17 stores specializing in selling the same quality and brand of wheat products are located on one street. A store cannot charge more than the going-rate price without the risk of losing business to the other competitors. What type of market is this?
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- Please answer both i and ii in the problem provided.!?1. Barriers to entry are best described as: Group of answer choices When a retailer's entrance is crowded with many items, making it hard for customers to enter the store Limitations that the retailer faces, due to internal factors such as poor management decisions Limitations that the retailer faces, due to external factors such as availability of geographic locations 2. When cooking various dishes, Navid always buys "Hunt's" brand tomato sauce, because he sees tomato sauce as a commodity that isn't going to differ from brand to brand; therefore, he has never really considered other brands since Hunt's is already familiar to him. Therefore, he engages in which of the following decision processes? Group of answer choices Limited problem solving Habitual decision making Extended problem solving 3. In general, franchisees: Group of answer choices Pay a large one-time fee to the franchisor, and keep all profits after that Compete locally with other franchisees of the same retailer…I know this is on Bartleby, but the solution is still not leading me to understand it. Can I have a more in-depth explanation? We are thinking of opening a small copy shop. It costs us $5000 to rent a copier for a year. It costs us $0.03 per copy to operate the copier. Other fixed costs of running the store amount to $400 per month. We charge an average of $0.10 per copy. We are open 365 days per year. Each copier can make up to 100,000 copies per year. Formulate a model for annual profit.a. Create a two-way table for 1 to 5 copiers rented and daily demands of 500, 1000, 1500, and 2000 copies per day. That is, compute annual profit for each of these combinations of copiers rented and daily demand.b. If we rent three copiers, what daily demand for copies will allow us to break even?c. Using the data table from part a, chart profit as a function of the number of copiers; for a daily demand of 500 copies, and for a daily demand of 2000 copies. Show both lines on the same chart. Interpret…