The ratio of the burden of the tax borne by demanders to the burden born by suppliers will be equal to the sum of the absolute values of the slopes of the demand curve and the supply curve

Which of the following events opened the way for rapid and steady technological changes that underpinned modern economic growth?

A) The Agricultural Revolution B) The Industrial Revolution C) The American Civil War D) Demographic transition in the Western world

Suppose that the federal government grants a 50 cent per gallon subsidy to buyers of gasoline and that the demand for gasoline is highly inelastic while the supply is highly elastic. Under these circumstances, the benefit of the subsidy

a. will go primarily to producers. b. will go primarily to consumers. c. will be split equally between consumers and producers. d. cannot be determined because the actual benefit of a subsidy is not influenced by the elasticities of supply and demand.