In a perfectly competitive market, the demand curve faced by each firm is:

How do we arrive at a Nash equilibrium in a matrix game?

What will be an ideal response?

You are planning to open a new Italian restaurant in your hometown where there are three other Italian restaurants

You plan to distinguish your restaurant from your competitors by offering northern Italian cuisine and using locally grown organic produce. What is likely to happen in the restaurant market in your hometown after you open? A) Your competitors are likely to change their menus to make their products more similar to yours. B) While the demand curves facing your competitors becomes more elastic, your demand curve will be inelastic. C) The demand curve facing each restaurant owner becomes more elastic. D) The demand curve facing each restaurant owner shifts to the right.