The term "quantity demanded":
A. means the same thing as demand.
B. refers to the amount of a product that will be purchased at some specific price.
C. refers to the entire series of prices and quantities that comprise the demand schedule.
D. refers to a situation in which the income and substitution effects do not apply.
Answer: B
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The supply of oil is more elastic than the demand for oil. If oil is taxed $10 per barrel, how will the tax be divided between the buyers and sellers?
A) The sellers will pay more of the tax than the buyers. B) The buyers will pay more of the tax than the sellers. C) The sellers and buyers will split the tax evenly. D) The sellers will pay the entire tax.
D2 shows a(n) ______.
a. decrease in demand
b. increase in demand
c. decrease in price
d. increase in price