If the Consumer Price Index was 165 in one year and 175 in the next year, then the rate of inflation from one year to the next was approximately:

A decrease in total revenue will result if

A) demand is inelastic and price increases. B) demand is elastic and price decreases. C) demand is inelastic and price decreases. D) demand is unitary elastic and price decreases.

Identify the correct statement about a corrective tax. a. Equilibrium occurs at a lower market price after the tax is imposed

b. The social cost curve lies below the private cost curve in the absence of the tax. c. A market becomes allocatively efficient after the tax is imposed. d. The socially optimal level of output is more than the market equilibrium output in the absence of the tax.