Tax revenue is greater the more price elastic the demand curve

You consume only steak and lobster. Your income effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster

Indicate whether the statement is true or false

Exhibit 4-10 Supply and demand data for apricots Bushels demandedper month Price perbushel Bushels suppliedper month 50 $5 80 55   4 75 60   3 70 65   2 65 70   1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4-10?

A. There would be a shortage of apricots. B. Buyers would not want to purchase all of the apricots that are supplied. C. There would be a surplus of apricots. D. Farmers would reduce the number of acres allocated to the growing of apricots.