The market demand for a good is determined by horizontally summing the demand curves of individual consumers

Which is not one of the criteria necessary for a commodity to make a suitable medium of exchange?

A) It should be of standardized quality. B) It should be valuable relative to its weight. C) It should be durable. D) It should have intrinsic value.

If the government wanted a tax to raise a great deal of revenue but not burden producers much, it would want to tax an industry with

a. elastic supply and demand curves. b. inelastic supply and demand curves. c. inelastic supply and elastic demand. d. elastic supply and inelastic demand.