The burden of a tax is mainly borne by the buyer if:
a. the supply of the good is perfectly price elastic.
b. the supply of the good is relatively price elastic.
c. the demand for the good is relatively price elastic.
d. the demand for the good is relatively price inelastic.
e. the demand for the good is perfectly price elastic.
d
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Most economists today believe that the Phillips curve is
a. vertical in the short run but downward sloping in the long run. b. upward sloping in the short run but vertical in the long run. c. downward sloping in the short run but vertical in the long run. d. vertical in the short run but upward sloping in the long run.
Suppose the figure below illustrates the demand curve facing a monopolist. 
If the monopolist decreases its price from $12 to $10, its total revenue will ________.
A. decrease by $600 B. decrease by $1000 C. increase by $600 D. increase by $1000