The basic premises of economic theory have substantial and complex implications for the broader business environment. Many businesses have relied on a strong understanding of supply, demand, scarcity, and consumer decision making to turn high margins. An infamous example of this is De Beers, in the diamond market. Through careful control of overall supply, not to mention highly successful marketing campaigns to impact perceived utility, De Beers effectively crafted a monopoly, which gave them preferable price points for diamonds as a commodity in the global market. First, read The DeBeers Story article and review the De Beers Diamond Industry PowerPoint. Then 2 page response to the prompts below. Your paper should be in APA format with a title page, at least 3 outside resources cited on a references page. Using the economic models and theories from Chapter 1, in detail) how De Beers achieved financial success in the diamond market. Describe the micro- and macroeconomic implications of the De Beers strategy, differentiating between the two perspectives to demonstrate an understanding of both points of view