a. Find the profit-maximizing price, quantity, and profit for the monopolist. Illustrate the monopolist's profit-maximizing price and quantity; identify the efficient level of output that maximizes total surplus. As is always the case, provide a short explanation of your findings. Specifically, explain what is meant by the efficient level of output and why the monopolist does not produce this amount. Consider a monopolist with the following inverse demand function: P = 260 - Q. The monopolist's marginal cost of production equals $20 per unit and is constant.