If the demand curve is very inelastic and the supply curve is very elastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers

Professor Tabarrok suggests that the most important thing to understand about the AD curve is that:

A. changes in monetary or fiscal policy are incapable of shifting the AD curve. B. changes in inflation can rotate the AD curve. C. changes in spending growth can shift the AD curve. D. changes in real GDP growth cause movement along the AD curve.

Which of the following statements best describes the concept of consumer surplus?

A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69." B) "Target was having a sale on tube socks so I bought 5 pairs." C) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5." D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."