A cost that expires without producing any revenue benefit is known as a(n) _____.

If Congress conducted public hearings to decide whether subsidies should be granted to the steel industry, taxpayers would not be well represented at the hearings because

A) no hearing room would be large enough to hold all the taxpayers who would want to testify. B) single taxpayers do not have a large enough stake in the issue to justify the cost of attending the hearings. C) taxpayers would not gain or lose, no matter how the issue was decided. D) they are apathetic. E) they know only money buys votes.

If the percentage change in quantity demanded is zero for any percentage change in the price of the good, demand is classified as:

A. perfectly inelastic. B. inelastic. C. unit elastic. D. perfectly elastic.