Mr
Subject:EconomicsPrice:2.88 Bought3
Mr. Lim is the manager of a restaurant in the Seattle area. As he understands it, the market for restaurants (specifically, for his type of restaurant) is perfectly competitive. It is announced that the Seattle Supersonics, the beloved basketball franchise, shall be returning to Seattle area for the beginning of the 2016-2017 season. Mr. Lim is aware that this will increase the market demand for restaurants.
a. Explain what will happen in both the short-run and long-run.
b. As Mr. Lim was one of the owners of the restaurants in Seattle, how could he take advantage of this situation?
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