Please don't use answers already out there

Unlike the perfect competitor, we see that a monopolist gets to choose a price and quantity. We also see that the monopolist has a tradeoff between price and quantity, that is, the higher a price they charge, the less quantity they will produce, and vice versa. For this discussion, your task is to:

1. Describe a practical example that shows why monopolists face this tradeoff
2. If you deal with a monopoly in your life, what may you take if they raise prices too much? What impact does that have on the monopoly?