When the price of wheat increases, the producers of bread will supply more bread at each price

If the elasticity of demand for a product equals 3 and the supply is perfectly elastic, then if a tax is imposed on this product,

A) the buyer pays all the tax. B) the seller pays all the tax. C) the buyer pays 3/4 of the tax. D) the seller pays 3/4 of the tax. E) the buyer pays 4/3 of the tax.

Which of the following describes the store of value function of money?

A) noting that Audible.com sells downloadable audio books for $10 per book B) making a monthly payment toward your car loan C) paying $30 for a haircut D) putting away $50 each month into your savings account