Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 

If a unit excise tax is placed on a good for which the demand is very unresponsive to a price change, then

A) the government generally pays the majority of the tax. B) the consumers generally pay the majority of the tax. C) the producers generally pay the majority of the tax. D) producers and consumers pay equal portions of the tax.

If the production of a good generates external benefits, the government could increase efficiency by

A. regulating production of the good to reduce the amount produced. B. requiring all producers of the product to be licensed to produce the product. C. subsidizing production of the good to increase the amount produced. D. taxing the production of the good to reduce the amount produced.