Tax incidence on buyers and sellers is determined by:
a. the relative elasticities of demand and supply.
b. the amount of tax imposed by the government.
c. the deadweight loss of tax

In the Cournot model, the output that a firm chooses to produce increases as

A) the total output of other firms increases. B) the number of firms in the market increases. C) the number of firms in the market decreases. D) its marginal cost increases.

People in poor countries may have difficulties achieving economic growth because:

a. their production possibilities curves slope upward instead of downward. b. they must cut back on current consumption to increase capital goods. c. they have a solid consumption base already in place. d. their resource bases are fully developed. e. the law of increasing costs makes it hard to produce more goods.