If the quantity demanded of flashlights is 140,000 and the quantity supplied of flashlights is 80,000, then there is an excess supply of 60,000 flashlights

Time has a positive value for most people, but their opportunity costs of time differ

a. True b. False

Tax incidence on buyers and sellers is determined by: a. the relative elasticities of demand and supply. b. the amount of tax imposed by the government. c. the deadweight loss of tax

d. the type of tax system operating in an economy.