If Kate pays an average tax rate of 12.5% and her total income is $34,000, she pays ________ as tax

The quantity demanded of a good

a. is the amount that would be purchased with an unlimited income b. is the amount that would be demanded even if income were zero c. is subject to the buyer's income constraints d. is a fixed amount unaffected by the buyer's circumstances e. must match the amount actually purchased in the market

Tickets to the Indiana-Purdue basketball game are usually sold out far in advance of game day and many people are disappointed because they cannot see the game. This suggests

a. the price of the tickets must be higher than the equilibrium price because people consider them valuable b. the price is set below the equilibrium level c. the price is set above the equilibrium level d. there is no excess demand or supply e. the people deciding on what price to charge considered only the fixed capacity of the stadium