The market demand curve is calculated by:
A. Summing the price from individual demand curves.
B. Averaging the price demanded from individual demand curves.
C. Summing the quantities demanded from individual demand curves.
D. Averaging the quantities demanded from individual demand curves.
Answer: C. Summing the quantities demanded from individual demand curves.
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A tax is imposed on orange juice. Consumers will bear more of the burden of the tax: a. If the demand for orange juice is relatively inelastic and the supply is relatively elastic. b. If the demand for orange juice is relatively elastic and the supply is relatively inelastic. c. If the supply for orange juice is perfectly inelastic
d. none of the above
A tax must be progressive if an individual with a higher income pays more dollars in taxes than an individual with a lower income
a. True b. False Indicate whether the statement is true or false