Compared to the purely competitive firm, a pure monopoly: Group of answer choices
1) Is able to use barriers to entry and maintain positive economic profits in the long run
2) Produces an equal amount of output, but charges higher prices to cover all costs in the market
3) Is efficient from society's perspective because it has big plants and it uses the newest possible production technology
4) Will always become competitive in the long run because positive economic profits will induce competitors into the market