An economist might say that Starbucks is perfectly competing in a monopolistically competitive market structure. Because you just need an espresso maker and some beans, market entry is easy. But to be successful, you need something unique–the monopolistic part. Starbucks, through its beans, its barista training and its store design competed successfully. Also, facing monopolistic competition in large cities like NY and Chicago, they needed a store on every block. In light of this
Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the coffee industry.
Describe and analyze the pricing policies that you would expect to find in this industry.
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