2) Analyze the market structure of a private-sector, for-profit business -- do not use government agencies or not-for-profit organizations for this DQ. If your workplace is a private-sector, for profit business, then analyze its market structure. If not, select a private-sector, for-profit business that produces products or provides services you use. After you decide on a business to analyze, then complete all the cells in the right column of the Market Structures Table shown below. In the row labeled "Economic Profits," answer "yes" if economic profits are characteristic of the market structure and "no" if they are not. Also provide brief explanations of your answers including reasons why the business has or has not earned economic profits. Include these explanations within the table. Post your table within the body of your answer rather than as an attachment to it.
|MARKET STRUCTURES TABLE |
|Employer or Private-sector, For-profit Business | A local restaurant Wildfire Barbeque Grill |
|Market Structure of Business | Fresh smoked barbeque |
|Goods or Services Produced by the Business | Fresh smoked pork, beef, and chicken. Take out ordering and catering. |
|Number of Firms in Industry | There are multiple firms in the industry, but there is one barbeque |
| |restaurant within five miles of Wildfire. |
|Barriers to Entry | Start-up costs and competition. |
|• Control Over Price | The control in price is there because they buy whole pieces of meat and |
|• Interdependence of Pricing Decisions Among Firms |cook all of it. They price their food
