At the profit-maximizing quantity of output for a monopolist, average revenue, marginal revenue, and price are all equal

In the above figure, a recession begins at point ________ and an expansion begins at point ________

A) a; b B) b; c C) b; a D) d; c

Draw a graph showing the effects of imposing a tariff in the small country case. Describe the results, using the concepts of producer surplus, consumer surplus and deadweight loss

Specifically address the effects on consumers, producers, government revenue and overall national well being, connecting those effects to areas of your graph.