The more inelastic the demand for a product, the larger the share of the tax that will be paid by consumers

If steak is a normal good and its price rises:

A) the amount purchased may either increase or decrease depending on the relative importance of the income and substitution effects. B) both the income and substitution effects suggest that less will be purchased. C) the substitution effect suggests more will be purchased, but the income effect suggests less will be purchased. D) the income effect suggests more will be purchased, but the substitution effect suggests less will be purchased.

An effective price ceiling causes a loss of

A) producer surplus for certain and possibly consumer surplus as well. B) consumer surplus only. C) producer surplus only. D) consumer surplus for certain and possibly producer surplus as well. E) neither producer nor consumer surplus.