If the measured elasticity of supply coefficient equals 1.3, then supply is:
a. perfectly elastic.
b. elastic

The benefit principle states that_____

a. people who benefit from the rule of law should pay taxes b. people who benefit from Social Security should voter for it c. people who benefit from a government activity should pay for it in proportion to their wealth d. people who benefit from a government activity should be those who pay for it

Total revenues

A) are defined as the quantity sold divided by price. B) are not the same as total receipts from the sale of output. C) equal gross revenues minus all expenses of the firm. D) equal the price per unit times the total quantity sold.