3. In the 115-, city governments usually grant a monopoly right to a single cable company to provide cable service to people in that E; i.e_, if you want television service to your house delivered through coaxial or beroptic cable there is only one company om which to choose- Our denition ofperfoctly competitive markets stressed three characteristics: 1) small rms each producing a small percentage of total output, 2} rms produce homogeneous products, and 3) easy entry and exit om the industry. Recent developments in the industry (say, over the past decade} have made the cable market much more competitive- Present an argument why the cable industry may now satisfy each of these three criteria, even despite the obvious governmentgranted monopoly