In a Small College Town, Four Microbreweries Have Opened in the Last

question 81

Short Answer

In a small college town, four microbreweries have opened in the last two years. Demonstrate the effect of new market entrants on demand for existing firms (microbreweries) that already served this market. Assume that the local community now places a moratorium on new liquor licenses for microbreweries. How will this moratorium affect the long-run profitability of incumbent firms?

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Definitions:

Stereotype

A widely held but fixed and oversimplified image or idea of a particular type of person or thing.

Cultural Racism

The belief that the cultural ways of one group are superior to those of another.

Norms

The unwritten rules or expectations that govern the behavior of members within a society or group, guiding what is considered acceptable or customary.

Institutional Racism

"The manipulation of social institutions to give preferences and advantages to Whites and at the same time restrict the choices, rights, mobility, and access of people of color."