1) What are the distinguishing features of the retail hairstyling industry- number of firms, entry conditions. product type and conduct of firms? Is the hairstyling industry an example of monopoly. monopolistic competition, perfect competition or oligopoly? Explain your reasoning carefully. 2) Complete the table above- think of this as a crossword puzzle if they are fun for you. Use Excel if this will make it easier. 3) Graph the demand curve, marginal revenue, marginal coat and average total cost. When maximizing profit, what price does Traci charge for hairstyling? What quantity maximizes profits? Show this solution on your graph. 5) At the profit-maximizing quantity, what is Traci's total profit? Show this solution on your graph. 6) If this were a perfectly competitive market (maximizing social well being) what would the market price and output level? 7) Define what is meant by economic profits. Will this firm be able to carn positive economic profits in the long run? Explain your reasoning carefully