The number of private state banks decreased after the First Bank of the United States lost its charter

When a tax is imposed on a good for which both demand and supply are very elastic,

a. sellers effectively pay the majority of the tax. b. buyers effectively pay the majority of the tax. c. the tax burden is equally divided between buyers and sellers. d. None of the above is correct; further information would be required to determine how the burden of the tax is distributed between buyers and sellers.

Refer to the table. At the $8 wage, labor cost per unit of output is:

A.  $1.25.
B.  $1.50.
C.  $2.00.
D.  $1.67.