Applying supply and demand analysis, other factors held constant, the steeper the supply curve (more inelastic), the larger the burden of a sales tax that is borne by the sellers

A firm in a perfectly competitive market can maximize its profits by producing:

A. the level of output where marginal cost equals marginal revenue. B. any level below where marginal cost equals marginal revenue. C. any level beyond where marginal cost equals marginal revenue. D. slightly below its maximal capacity.

Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price increases from $10 to $12 is

A. -1.37. B. -0.33. C. -1. D. -3.29.