Focus of the FinalPaperAssume that the potato chip industry in theNorthwest in 2007 wascompetitively structured and in long-run competitive equilibrium;firms wereearning a normal rate of return and were competing in amonopolisticallycompetitive market structure. In 2008 two smart lawyers quietlybought up allthe firms and began operations as a monopoly called Wonks. Tooperateefficiently Wonks hired a management consulting firm whichestimated adifferent long-run competitive equilibrium. Given that the new company is now run as a monopoly how willthis benefitthe stakeholders involved such as the government businesses andconsumers? Given the transition from a monopolistically competitive firm toa monopolywhat will be the changes with regard to prices and output in bothof thesemarket structures? What market structure is more beneficial for Wonks to operate inand willthis be the same market structure that will benefit consumers?Explain thereasoning behind your answers.