The income of the middle person in an income distribution is called the

The benefits-received principle of taxation is most evident in:

a. progressive tax rates. b. excise taxes on gasoline. c. the personal income tax. d. the corporate income tax.

Answer the following questions true (T) or false (F)

1. The elasticity of supply is equal to the percent change in price for a given percent change in quantity. 2. The market supply curve under conditions of perfect competition is typically perfectly elastic. 3. An increase in supply will increase the quantity demanded.