Vertical equity refers to a tax system in which individuals with higher incomes pay more in taxes than individuals with lower incomes

If demand is elastic, then

a. the percentage change in quantity demanded is larger in absolute value than the percentage change in price b. supply is inelastic c. prices can neither rise nor fall d. the percentage change in quantity demanded is smaller in absolute value than the percentage change in price e. supply is elastic

When the economy is in short-run equilibrium,

A) there are increases in inventory. B) there are decreases in inventory. C) total expenditures equal total production. D) people want to buy more than will be produced.