A​ fast-food restaurant decides to raise the price of its hamburgers. Assume the firm is in a monopolistically competitive industry. What will happen to the demand for its​ hamburgers? When the​ fast-food restaurant raises the price of​ hamburgers,   A. some of its customers will be willing to pay a higher price because this restaurant is close to them.   B. none of its customers will be willing to pay the higher price and will stop buying hamburgers.   C. all of its customers will be willing to pay a higher price because this restaurant faces no competition.   D. all of its customers will be willing to pay the higher price because they prefer this brand of hamburgers .   E. none of its customers will be willing to pay the higher price because this restaurant faces competition from other restaurants

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.