There are about 34,000 full service restaurants in Miami-Dade County, Florida with a population of about 2.5 million. What type of market structure is the restaurant business in Miami-Dade County? Are there submarkets with distinct characteristics? Explain your reasons
The market structure in the restaurant business in Miami, Florida is Monopolistic competition (MC). Monopolistic competition (MC) structure consist of numerous firms offer different kinds of products the firm of the Monopolistic competition structure has some control over its item cost and in which there is extensive non value competition. Miami, Florida contains large quantity of full service restaurants, 34,000, for the city’s populace of 2.5 million. In Monopolistic competition (MC) there are an expansive number of little firms such as submarkets, each of which is little contrasted with the measure of the business. In MC all organizations are moderately focused with little market control over cost and amount. All the organization under Monopolistic competition has lots of potential clients. Restaurant business in Florida is focused; there are a wide range of restaurants in any area running in distinctive costs with a substantial populace as potential industry. Their submarkets have similar characters they don’t have distinct Characters. Restaurants offer sustenance, and there may be contrasts from one restaurant to alternate the extent that Italian, Mexican, however the item is fundamental food. The products (foods) however fulfill the need to consume. Dissimilarity in food may be substantial, where one restaurant produce hot chocolate cake and other make cake. The distinction in item may be easily identified. On the basis of customer service product differentiation may vary. Restaurants in Miami, Florida can go into or exit the business sector reasonably effortlessly. There are relatively few confinements, example; laws are convenient under the government.
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