You have learned that there are four major forms of market structure: perfect competition, monopolistic competition, oligopoly, and monopoly. Identify the market structure of the food and beverage industry. Justify the market structure of the Food and Beverage industry. Discuss how much the Food and Beverage industry invest in advertising.

Fill in the blank Columns:_Four Market Models. Monopolistic Competition Characteristics Pure Competition Pure Monopoly Oligopoly Number of firms Type of product Control over price Conditions of entry Non price Competition Give Examples

Select an industry that belongs to any one of the four market structures— perfect competition, monopoly, monopolistic competition or oligopoly. Explain why you think it belongs to your identified market structure based on the market characteristics * number or firms, • type of product, • entry/exit barriers, • market power Explain your reasoning and provide the rationale for your answer.

WataDine is one of a city’s many restaurants that serve lunch and dinner in a monopolistically competitive market. Assume WataDine, as a typical restaurant in the city, is currently producing the profit-maximizing output level, and earns positive short-run economic profit. (a) How is monopolistic competition similar to each of the following market structures? (i) Perfect competition (ii) Monopoly (b) WataDine is currently earning short-run economic profits. Draw a correctly labeled graph for WataDine in short-run equilibrium and show each of the following. (i) The profit-maximizing quantity, labeled QM (ii) The profit-maximizing price, labeled PM (c) Given that WataDine is currently earning short-run economic profits, what will happen to each of the following in the long run? (i) WataDine's economic profit. Explain. (ii) WataDine's demand curve for its restaurant meals. (d) Assume WataDine is in long-run equilibrium. (i) Is WataDine taking advantage of its economies of scale? Explain.…