The paper should examine perfect competition in the value-menu fast-food restaurant business. Address the following questions in your paper:
Discuss the characteristics of perfect competition.
Explain why a fast-food restaurant often displays characteristics of perfect competition.
Describe how your restaurant would maximize its short-run profits.
Discuss why a firm in perfect competition may choose to be open on Mondays, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so.
Discuss the long-run benefits of running a firm in perfect competition.
Two sources in addition to your textbook are required for this paper.
