Black-market prices are below equilibrium prices because sellers want to sell large quantities.

The imposition of tariffs on imports results in deadweight (triangle) losses. These are

A) production and consumption distortion effects. B) redistribution effects. C) revenue effects D) efficiency effects. E) distortion of incentives.

Exhibit 9-5 Demand and cost data for a monopolist Price Quantity TR MR TC Profit $10   1 10 10   4      9   2     8      8   3   12      7   4   16      6   5   20      5   6   24      4   7   28      3   8   32      2   9   36      1 10   40  Refer to Exhibit 9-5. The demand schedule and cost schedule for a monopolist are provided. Which output level maximizes profit?

A. 2. B. 6. C. 4. D. 7.