3. (25 points} The market shares of the big 4 banks in Australia in 2007 and 2017 are given in the table below: Page 2 of 4 Table 1: Market shares of the big 4 banks 2007 2017 ANZ 15.93% 15.67% CBA 22.31% 25.32% NAB 13.64% 16.16% 'Westpac 17.55% 24.33% Others 25.42% 17.53% Total 100'. [10% 100.00% {a} Explain what industrial concentration is. {5 points} {b} Is the level of industrial ooncentration high or low in Australia's banking sector? Hon.r did it change during 20072017? {.5 points} {c} What are the arguments against high levels of ooncentration in Australia's banking sector? {15 points}