audioecon   Smart listening for students of economics

Link: http://www.npr.org/blogs/money/2012/04/25/151365350/how-to-make-it-in-the-food-truck-business

Summary: NPR sheds light on the competitive market economy of the food truck business in Manhattan,.

Original air date: April 27, 2012

Length: 14:24 min

Discussion Prompt:  Restaurants are a common example of firms operating in a monopolistically competitive type of market structure.  In what way do you think food trucks do or do not fall in that same market structure category?  Explain using economic thinking.

Follow-up Prompt:  The podcast discusses the particular strategies that food truck drivers might employ to be successful in their goal of maximizing profits.  How do you think the type of market structure in which a firm operates impacts the strategic thinking and actions that firms engage in? You can make your comments relevant to the food truck example, or think more broadly and connect to other industries or examples.