The more inelastic are demand and supply, the greater is the deadweight loss of a tax

The law of supply states that

A) producers are legally required to make necessary items available in the marketplace. B) there is a positive relationship between price and quantity supplied, ceteris paribus. C) producers should only sell the items when the price is right. D) producers should only produce what they can sell.

The high-income nations of the world—including the United States, Canada, the Western European countries, and Japan—typically have GDP per capita in the range of _____________.

a. $6,000 to $12,000 b. $20,000 to $50,000 d. $60,000 to $80,000 d. $80,000 to $120,000