Question Completion Status: U WORDS POWERED DY TINY QUESTION 7 10 points Save Answer Question 7 - Market structures: perfect competition & monopolistic competition [10 mark:] (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 dustrate graphically, so your explanation needs to be very clear.] (5 marks] For the toolbar, press ALT+F10 [PC] or ALT+FN+F10 [Mac]. B I US Paragraph Open Sans,sa.. 10pt