In the above figure, if the price is P1 and the firm produced Q3, the firm's economic profit is ________ than if it produced Q1 and ________ than if it produced Q2

When a tax is imposed on a good or a service, the marginal benefit of the last unit bought ________ the marginal cost of the last unit

A) is equal to B) is greater than C) is less than D) None of the above answers is correct because there is no consistent relationship between the marginal benefit of the last unit and its marginal cost. E) is not able to be compared to

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.