The EU has recently tried to loosen Big Tech's grip. Big Tech finally has strict rules to abide by. Among them: "thou shalt not bundle products", and "thou shalt permit interoperability between different systems". Penalties for transgressions include a fine of up to 20 per cent of a company's global turnover, or even a break-up of businesses for recidivists. The advent of the Digital Markets Act in the EU, the text of which was finalised in March 2022, means a user of Facebook's WhatsApp messaging service could text a friend who uses a different service. It means Apple must allow its smartphone users to pick apps from beyond its own App Store. It is the biggest overhaul of the digital marketplace in 20 years, and it is welcome. The Digital Markets Act is a welcome attempt to curb monopolistic business models. (Financial Times, 27 March 2022)

a. Using examples, discuss the advantages and disadvantages that monopolist and such big firms face. In addition, discuss on some of the welfare implications of such a move.