First, define some termsMonopoly: when there is only one firm in the entire marketPerfect Competition: when there are many buyers and sellers in the marketThen, answer the question by describing the pros and cons of both Monopoly and PC. (remember to draw diagrams)Monopoly Pros: Gain economies of scale, gain international competitiveness etcMonopoly Cons: Diseconomies of scale, worsen consumer surplus, worsen quality etcPC Pros: Achieves allocative and productive efficiencyPC Cons: No E of SFinally, write your judgement and make evaluations using "it depends"