\"-"eek Three Homework Chapter 12 a. With appropriate examples, dene short run and long run. b. One of the fundamental assumptions of perfect competition is free entry and exit of rms. With an example, explain how this assumption leads to all rms under perfect competition making normal prot in the long run. You can receive 2 bonus points for correct graphical analysis. Chapter 13 The following graph shows monopoly prot maximization. There are 6 points with a \"T\". Label these points. (Hint: You can either cop .-paste this graph or draw a Similar graph on a MS Word file). Costs. and Revenues \fChapter 15 For each of the following situations, decide whether advertising is directly informative about the product or simply an indirect signal ofits quality. Explain your reasoning. Football greatl Peyton Manning drives a Buick in a TV commercial and claims that he prefers it to any other car. McDonald's spends millions of dollars on an advertising campaign that proclaims: \"I'm lovin" it.\" Subway advertises one of its sandwiches by claiming that it contains 6 grams of fat and fewer than 300 calorie s. Define product differentiation. Your textbook describes three important forms of product differentiation. Describe each form with examples