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) | Price | Total | Marginal | Average Total Total | Marginal No. of hair- (P) | Revenue | Revenue | Total Cost | Fixed Cost | Cost Cost cuts per da $ TR) $ MR) $ AC)S FC) S TCO) $ MC) $ 15 22.5 60 450 4 . 60 20 600 10 60 630 60 21 18 | 630 6 22 770 2 25 60 1000 [ |25 [ 22 | ss0 | 14 | 212 | 60 | s30 | 16 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) c. Hair salon will not be able to maintain this profit in the long run. Explain using relevant economic concepts