Compared to the purely competitive industry, a pure monopoly Multiple Choice is often more efficient from society's perspective because it has big plants and it uses the newest technology. will always become competitive in the long run because positive economic profits will entice competitors into the market. produces an equal amount of output, but charges higher prices to cover all costs in the market. is able to use barriers to entry and maintain positive economic profits in the long run.

Maximizing the difference between total revenue and total cost;

Answer proprietary product technology;

Part (a) is relatively straight forward.there are 4 aces in a standard 52-card deck. so the probability that an ace is picked is just 4/52.part (b): note that there are 4 suits in a standard 52-card deck. so picking hearts will be 13/52 or 1/4.part (c): the probability condition or means we need to add the two probabilities because we do not want them simultaneously. so, we end up getting pr(ace) + pr(heart).from part (a), we found that picking an ace had a probability of 4/52, which is reduced down to 1/13.from part (b), we found that picking a heart had a probability of 1/4.so, the probability of an ace or a heart is 1/13 + 1/4 = 4/52 + 13/52 = 17/52.