Assignment:
Evaluate the following USING ECONOMIC THEORY:
What type of Market Structure does Burger King Belong to? Why did you choose that particular Market Structure for Burger King?
If Burger King decides to offer a new steak sandwich that generates a significant amount of sales very quickly, what would be its competitors response? Why?
Based on your analysis of competitors' response, what would happen to Burger King's economic profit in the long-run? Why?