L 1\\ r (a) Identify the market structure the retail jewellery market most likely follows. Justify your answer m characteristics. (2 marks) (b) Consider the following short run demand and cost curves you may face in your business. Calculate your expected economic profit in the short run using these curves. (2 marks) P($) 150 MC 130 110 ATC 90 70 MR 10 20 30 40 50 " (c) What do you think will happen to any economic profit you calculated in Part (b) in the long run? Briefly explain your answer. (2 marks)