In 2012, the bottom one-fifth of U.S. households earned ________ of the nations total income

At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then

A) the seller pays the entire tax. B) the buyer pays the entire tax. C) the seller and the buyer split the tax evenly. D) the seller and the buyer split the tax but the seller pays more. E) no one pays the tax because the wheat must be harvested or it will go to waste.

Briefly explain the relationship between market price and a firm's profitability in a perfectly competitive market