Only part A from question jo 7

Current Student X Course Hero X G Explain the cont X Paraphrasing To X C Chegg Search X Why Study (or NX + https://uonline.newcastle.edu.au/webapps/assessment/take/launch.jsp?course_assessment_id=_138120_1&course_id=_1416411_18 13 Pemaining Time: 1 hour, 14 minutes, 43 seconds. Question Completion Status: QUESTION 7 10 points Save Answer Question 7 - Market structures: perfect competition & monopolistic competition [10 marko] [a] Assume that Uber drivers operate in a perfectly competitive market. Assume that in the city where they work, there is an increase in market demand. If Uber drivers start to make an above normal economic profit in the short-run, explain the short-run and long-run adjustment process for Uber drivers, (5 marks) (b) Explain the main differences between a perfectively competitive market and a monopolistically competitive market. In answering this question, describe the differences in the demand curves, marginal revenue (MR) curves, marginal cost (MC) curves, price, and output in these respective markets? (Note: you cannot illustrate graphically, so your explanation needs to be very clear.] (5 marks] For the toolbar, press ALT+F10 (PC] or ALT+FN+F10 [Mac]