A line that is perfectly elastic has an elasticity of demand of zero

Refer to Table 18-7. The tax system is

A) proportional throughout all levels of income. B) progressive throughout all levels of income. C) progressive between $10,000 and $12,000 of income and regressive between $16,000 and $22,000. D) regressive throughout all levels of income.

When the cost curves have U-shapes, at the point where marginal cost equals average total cost:

a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. the fixed cost has been fully depreciated.