A market structure is a classification system for the key traits of how industries within a market operate. [ a) Compare four (4) key characteristics of a perfectly competitive and a monopoly market structure. (3 marks) b) Using profit maximization diagram, explain why a monopoly firm is inefficient in resource allocation compared to a perfectly competitive firm. (2 marks) c) Using the profit maximization diagram of a monopoly producer, explain why a monopoly firm is productively inefficient compared to a perfect competitive firm. (2 marks) d) Given that a monopoly market has neither allocationficiency nor productive efficiency, what are possible arguments that would support the existence of the monopoly market