SECTION C (30 Marks) Read the adapted article below from Restaurant News Resource and answer the following questions. U.S. RESTAURANTS SALES ROSE SHARPLY FOR THE FIFTH CONSECUTIVE MONTH Restaurant sales continued to trend higher in July, even as consumers pulled back on spending in other areas. Restaurant sales continued to trend higher in July, even as consumeds pulled back on spending in other areas. Eating and drinking places* registered total sales of $72.2 billion on a seasonally adjusted basis in July, according to preliminary data from the U.S. Census Bureau. That was up 1.7% from June's sales volume of $71 billion and represented the sixth strong increase in the last seven months. As a result, eating and drinking place sales in July stood $6 billion - or 9.1% - above the February 2020 pre-pandemic sales volume of $66.2 billion. Restaurants were one of the few bright spots among the major categories tracked in the Census Bureau's July sales report. Elsewhere, sales declined at motor vehicle dealers (-3.9%), non-store retailers (-3.1%), clothing and accessory stores (-2.6%), sporting goods and hobby stores (-1.9%) and building material and supply stores (-1.2%). The third consecutive monthly decline in auto sales was driven more by a lack of supply rather than a pullback in consumer demand, so it remains to be seen if spending patterns will be impacted once inventories are replenished on dealership lots. If consumer demand for autos remains strong - particularly at elevated prices - it has the potential to crowd out spending in discretionary categories like restaurants.Despite the looming potential for additional competition in the coming months, restaurant sales will likely continue to be supported by healthy household balance sheets and consumers' elevated pent-up demand for socialization and experiences. Source: National Restaurant Association (Aug 21, 2021). U.S. Restaurant Sales Rose Sharply for the Fifth Consecutive Month. Restaurant News Resource. Retrieved from https://www.restaurantnewsresource.com/article117032.html a. Identify the market structure for restaurants. Justify the reasons for such a structure to exist. [5 marks] b. Do firms within similar market structure as in (a) have a supply curve and market power? Comment. [4 marks] c. Distinguish the demand elasticity between firms that belong to the market structure in part (a) and firms that belong to the other market structures. Provide justification for each structure. [6 marks] d. Firms described in the above article do charge prices as high as a monopolist. Justify the reasons for the high prices imposed by firms in these two market structures. [5 marks] e. Discuss specifically on the efficiency of the market structure in (a) (a diagram is not needed here). [6 marks] f. Determine with justification the type of long run profit made by similar firms in the market structure in part (a). [4 marks] MacBook Pro