Consider the revenue and cost curves for a monopolist shown in the following diagram. PIS) 15 MC 14 13 MC 12 11 MR 150 200 250 300 350 Q (a) Calculate the profit this monopolist is making. Can this monopolist make this profit in the long run? Explain your answer. (4 marks) (b) 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) ((1 Explain why monopoly generates a deadweight loss. (2 marks)