Contrast monopoly and perfectly competitive market with respect to allocation of resources using real life examples. Identify inefficiency and deadweight loss caused by monopoly. How the monopoly power can be reduced?Explain whether monopoly can create benefits using real life examples.(10 marks) While your textbook is your first point of reference,you should consult other references in order to receive full marks. Usereal life examples(with references) to support your discussion. b)Choose a monopoly from your home country.Using real data from your case study identify its key characteristics in relation to the factors used to differentiate among the market structures.(10 marks) Describe your case study in sufficient details, provide relevant information, use table, diagrams where appropriate.Use features of market structuresuch as number of sellers, type of product, entry conditions, profits and losses in the short and long run, advertising, research and developmentand appropriate diagrams to answer this question. c) Identify the type of market failure in relation to your chosen monopoly. Propose how market failure in your case study should be reduced using economic theory and illustrate it on a diagram