Q7. [10 Marks] (a) Explain carefully the adjustment process of a 'rnonopolistfcally competitive rm transitioning from the short run to the long run. (Make the steps clear in your answer.) (2 marks) (b) Explain what is meant by the 'advertising trap' for a 'monopolistically competive' advertising rm. In your answer. explain the adjustment process from the short run to the long run when the rm invests in advertising. {Make the steps clear in your answer.) (3 marks) (c) Explain the main differences between a 'perfectr'vely compeve' market and a 'monopolish'cally compeve' market. In answering this question, describe the differences in the demand curves. marginal revenue (MR) curves. marginal cost curves. price. and output in these respective markets? (Note: you cannot illustrate graphically. so your explanation needs to be very clear by specically addressing each difference.)