(a) Look around you at industries/product that you see in the marketplace and identify at least one that you think is a monopoly.(Do NOT use apublic utility or other natural monopoly)Do you think that, as suggested in the book, prices are higher and output lower with a monopolist than with a highly competitive firm?(b) Can you think of instances in which a monopoly has been exposed or opened up to more competition and prices have gone down and quantity of output gone up as a result?Be specific in your answer.(c) Consider the garment industry. How close is it to a monopoly for specific products, maybe in specific cities or neighborhoods?