Table 3 below shows some of the revenue and cost information (per day) of a hair salon operating at its profit maximising output level, in monopolistic competitive market structure. Table 3 Output (Q) i Total | Marginal | Average Total Marginal No. of hair- Revenue | Revenue | Total Cost | Fixed Cost Cost cuts per day | (TR | MR)S | (AO)S | (FOS | (MC) 0 0 60 6 a. Explain why monopolistic competition is the most likely market structure for this firm, and not perfect competition (4 marks) Hint: You must use the information from the table (2 marks) and the characteristics of different market structures (2 marks) in your explanation b. Draw an approximate graph of a monopolistic competition to illustrate this hair salon operating at the profit maximising output level. Hint: Your diagram should label the area of profit, and include relevant information from the table for price, costs, and quantity at this output level (3 marks) . Hair salon will not be able to maintain this profit in the long run. Explain using relevant economic concepts