(a) How can a natural monopoly arise? (b) Why are consumers typically worse off and the monopolistic firm better off in a monopolistic in- dustry as compared to a competitive industry? (c) In a monopolistic industry, there are mutually beneficial trading opportunities for the monopolis- tic firm and consumers. Explain why. (d) If such unfulfilled opportunities for mutually beneficial trading arrangements exist in a monopo- listic industry as said in (c), why does the monopolist fail to fulfill them? (e) Explain why a monopoly can be bad for society in relation to the deadweight loss due to the monopoly