What do we mean when we say that a good is excludable?

The corporate income tax is

a. a tax on corporate profit, not revenue. b. the single largest source of federal revenue. c. a payroll tax paid partially by employees and partially by employers. d. has increased as a proportion of federal tax revenue since 1950.

A perfectly inelastic demand implies that buyers

a. decrease their purchases when the price rises. b. purchase the same amount as before when the price rises or falls. c. increase their purchases only slightly when the price falls. d. respond substantially to an increase in price.