If the demand and supply curve for SmartTV are:D=132-8PandS=-6+4PwhereP is the price of Smart TV. What is the quantity of Smart TV bought and sold at equilibrium? Draw a graph to represent your answer (b) Compare the monopoly market structure with that of monopolistic competition using the following characteristics: i. Number of firms ii. Barriers to entry iii. Pricing decisions iv. Output decisions v. Profit (c) For the following equation, graph the line and calculate its slope. I = 5,000 - 250r (put I on the X-axis). (d) Describe price elasticity of demand. (e) Distinguish between perfect and imperfect market 4. (a) Draw a diagram to show a perfectly competitive firm making a short-run loss but remaining in production. Shade the area that represents the loss. In your diagram include the labels: AR for average revenue, MR for marginal revenue, AC for average cost, AVC for average variable cost and MC for marginal cost