Remember, "welfare" (in this context) refers to the level of well-being in society.

Address the following questions in an organized, effective way:

1. Analyze thoroughly the welfare effects attributed to the presence of monopolies.
2. Compare these effects to the welfare effects of competitive markets. Draw manually at least one graph that shows the comparison of the above markets, take a picture of it and then insert it into your Word document. Include appropriate algebraic analysis comparing the aforementioned markets.
3. Provide pertinent examples of the aforementioned markets to justify your answers.