The loss of capital due to the wearing out of machines is known as ________

If demand is perfectly elastic, a sales tax is paid by

A) only the buyers. B) only the sellers. C) both the buyers and sellers. D) None of the above answers is correct.

Which of the following is an example of a public good?

a. telephone service b. national defense c. a city-owned bus d. electricity generated by a city-owned public utility