A Restaurant That Opened in the '80s and Until Recently

question 70

Essay

A restaurant that opened in the '80s and until recently was still successful is now starting to see only a limited number of customers.If you were employed to address this problem, what methods would you use to increase customer satisfaction?

---

Definitions:

Contestable Markets

Markets in which entry and exit are easy enough to hold prices to a competitive level even if no entry actually occurs.

Oligopolistic Firms

Companies operating within an oligopoly, a market structure characterized by a small number of firms controlling a large market share, often leading to limited competition.

Perfectly Competitive Firms

Companies that operate in a perfectly competitive market, producing homogeneous goods and having no control over market price.

Oligopolistic Market

A market structure characterized by a small number of firms that have significant control over market prices and competition.