Can someone please help me answer the following questions .Thank you so much!7) Critically evaluate and explain each statement: a. Because they can control product price, monopolists are always assured of profitable production by simply charging the highest price consumers will pay.b. The pure monopolist seeks the output that will yield the greatest per-unit profit.c. An excess of price over marginal cost is the market's way of signaling the need for more production of a good.d. The more profitable a firm, the greater its monopoly power.e. The monopolist has a pricing policy; the competitive producer does not.f. With respect to resource allocation, the interests of the seller and of society coincide in a purely competitive market but conflict in a monopolized market.Chapter 9:1) How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into their industry affects the demand curve facing a monopolistic competitor and its economic profit. 2). Compare the elasticity of the monopolistic competitor's demand with that of a pure competitor and a pure monopolist. Assuming identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency. Explain the following statement: "Monopolistically competitive industries are characterized by too many firms, each of which produces too little." 3. Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? How does advertising promote inefficiency? 6. Explain the general meaning of the following profit payoff matrix for oligopolists X and Y. All profit figures are in thousandsA. Use the payoff matrix to explain the mutual interdependence that characterizes oligopolistic industries. b. Assuming no collusion between X and Y, what is the likely pricing outcome? c. In view of your answer to part b, explain why price collusion is mutually profitable. Why might there be a temptation to cheat on the collusive agreement?