7-Eleven Stores operates more than 670 stores across Australia. Edward Moneypenny, a former 7-Eleven's chief financial officer, was once asked to name the biggest risk for the company. He replied that ' .. the biggest risk 7-Eleven faces, like all retailers is competition.' In what sense competition is a 'risk' to a business? Why would a company in the retail industry need to be particular aware of competition? Explain using a graph of monopolistically competitive market. (8 marks)