Assume that the potato chip industry in the Northwest in 2007was competitively s

Assume that the potato chip industry in the Northwest in 2007was competitively structured and in long-run competitiveequilibrium; firms were earning a normal rate of return and werecompeting in a monopolistically competitive market structure. In2008 two smart lawyers quietly bought up all the firms and beganoperations as a monopoly called Wonks. To operate efficientlyWonks hired a management consulting firm which estimated adifferent long-run competitive equilibrium. Given that the newcompany is now run as a monopoly how will this benefit thestakeholders involved such as the government businesses andconsumers? Given the transition from a monopolisticallycompetitive firm to a monopoly what will be the changes withregard to prices and output in both of these market structures? What market structure is more beneficial for Wonks to operate inand will this be the same market structure that will benefitconsumers? Explain the reasoning behind your answers.