An article in the New York Times describes Chipotle as "the restaurant chain that has come...

An article in the New York Times describes Chipotle as "the restaurant chain that has come to symbolize the tastes of the millennial generation" and lists the sources of Chipotle's success as including the restaurant's allowing "their customers to tailor their meals, and still have them ready in a flash... playing to consumer tastes for customization, speed and ingredients from sources that adhere to animal welfare, organic and other standards." Prepare a document that answer this question. Are these attributes likely to ensure that Chipotle will earn an economic profit in the long run? Briefly explain. This is in Principles of Microeconomics

Solutions

Expert Solution

This is because in the long run many similar restaurants offering similar services will enter the market.

This will bring down the sales made by Chipotle and thus reduce its economic profits to normal profits.

This is a common feature of competitive firms whose profits in the long run always fall down to zero.

Rahul Sunny answered 1 year ago

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