Refer to Table 13-4. Victoria's profit-maximizing quantity sold (Q) and price (P) are

When a tax is placed on the sellers of a product, buyers pay

A. more, and sellers receive more than they did before the tax. B. more, and sellers receive less than they did before the tax. C. less, and sellers receive more than they did before the tax. D. less, and sellers receive less than they did before the tax.

If a perfectly competitive industry suddenly became a monopolist, equilibrium output would _________, and the equilibrium price would _________.

a. increase; increase b. decrease; decrease c. increase; decrease d. decrease; increase