Recall the Application about food and drink pricing during "happy hour" at bars and restaurants to answer the following question(s).
-Recall the Application. Bars and restaurants generally operate in a(n)

Question

Quizplus · Accepted Answer

Bars and restaurants operate in a monopolistically competitive market. This is because they offer differentiated products, such as ambience and menu items, which allows them to have some control over pricing. However, there are many competitors in the market, so they cannot fully control the market price.

Recall the Application About Food and Drink Pricing During "Happy