THE MOST PREFERABLE FOOD

INTRODUCTION

In this modern era, fast food are said to be more popular throughout all around the world. For now, we can see a lot of fast food restaurants are built and compete with each others to attract the customer. McDonald, Burger King, and Wendy’s are the good example of the fast food  restaurant that are compete with each others. Fast food now becomes the preferred choice regardless of age. Everyone can enjoy eating the fast food without worrying about the cost because fast food is recognize as the affordable food for everyone to enjoy the food. What of the busy world today, everyone now are switch to have a fast food as their meals as it more convenient and time saving. Fast food means food that can be prepared and served quickly.



ECONOMIC INFLUENCE FACTORS- MONOPOLISTIC COMPETITION

 

In economic terms, fast food industry engaged with the monopolistic competition as it involved large number of sellers but producing differentiated products. A selling strategy in monopolistic competition is one firm tries to distinguish its product or service to be slightly different from their competitors. The difference also can be in term of brand name and packaging. For example McDonald and Burger King, both of them sell almost the same burgers but in buyers mind they are different.

CONCLUSION

In my opinion, there are advantages and disadvantages practicing the monopolistic competition. The clear advantages that we can see are there are no significant barriers to enter the market. The market also can be said as more efficient than monopoly but less efficient than perfect competition. So, the sellers regularly have to develop new ways to attract and retain customer.