Consider the revenue and cost curves for a monopolist shown in the following diagram. PIS) 15 MC 14 13 ATE 12 11 MR 150 200 250 300 350 Q [a] Calculate the prot this monopolist is making. Can this monopolist make this profit in the long run? Explain your answer. (4 marks) [is] Briefly compare the advantages and disadvantages of monopoly in comparison to perfect competition. All things considered. do the advantages outweigh the disadvantages, or vice versa? (4 marks) [cl Explain why monopoly generates a deadweight loss. [2 marks) [Approximate numbers read off the chart are ok.)