Can you assist me with the following problems?
Task: Grocery stores & gasoline stations in a large city would appear to be examples of competitive markets: There are many relatively small sellers, each seller is a price-taker & the products are similar.
Question 1. How could you argue that these markets are not competitive & why?
Question 2. Could each company face a demand curve that is not perfectly elastic & why?
Question 3. How profitable do you expect these stores and stations to be in the long run & why?