Discuss International Trade.

International trade can have big effects on domestic markets. For both an import good and an export good (in other words, address each bulleted item below twice – once for import and once for export), describe how opening up to international trade affects the following:•Supply or demand for the particular good•The competitiveness of that good’s market•How the change in competitiveness affects equilibrium price and quantityStepping away from the import/export examples, describe how opening up to trade specifically affects a domestic monopoly. Include an explanation, using game theory, of how even a single additional competitor can lead to a market outcome similar to perfect competition.