Suppose that 75 percent of a cigarette tax is borne by consumers. If the supply elasticity is 1, the demand elasticity is equal to:

The figure above represents the competitive market for slices of key lime pie. When 60 slices are produced, the marginal cost

A) exceeds the marginal benefit. B) is less than the marginal benefit. C) equals the marginal benefit. D) is not defined. E) equals the deadweight loss on the 60th slice.

The figure above shows the demand and cost curves for a single-price monopoly. What price will the firm charge?

A) $50 per unit B) $30 per unit C) $20 per unit D) $10 per unit