A straight-line demand curve has the same elasticity throughout its length.

The benefits principle states that those who

a. pay the taxes should reap the benefits. b. reap the benefits from government should pay the taxes. c. are best able to pay should pay for what they receive. d. pay taxes get the benefits they deserve.

When economists say the price elasticity of supply is elastic, they mean that

a. suppliers are willing to produce much larger amounts of their good. b. suppliers are willing to produce only a small amount more of their good. c. consumers are willing to purchase much larger quantities of the good. d. the change in quantity supplied is relatively small compared to the change in price.