(a) Look around you at industries/products that you see in the marketplace and identify at least one that you think is a monopoly. (Do NOT use a public utility or other natural monopoly. Do NOT use Luxottica) 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 (over the last 20-50 years) 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 a specific product in thegarment industry. How close is it to a monopoly for specific items, maybe in specific cities or neighborhoods?