(Answered) The starfire coffee chain was the only coffee-shop chain

Economics

The Starfire Coffee chain was the only coffee-shop chain and meeting place in many American cities for more than 12 years. People paid $5 for a mug of peppermint coffee and the experience of sitting in front of a roaring fire, chatting with friends.

Twelve years after Starfire's appearance, a similar coffee-shop chain, Reindeer Brews, entered the marketplace. Reindeer charges $3 for a mug of hot cocoa and a similar community experience.

How would you characterize this scenario?

Non-price competition in a monopolistic market Non-price competition in a purely competitive market Price competition in a monopolistically competitive market Price competition in a purely competitive market

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Macroeconomics, Economics

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