If the demand for apples is highly elastic and the supply is highly inelastic, then a tax imposed on apples will be paid:
a. largely by the sellers of apples with more elastic supply.
b. largely by the buyers of apples with more elastic demand.
c. equally by the sellers and buyers of apples

Tax cuts on business income increase aggregate demand by increasing

A) wage rates. B) government spending. C) consumption spending. D) business investment spending.

Which of the following statements is TRUE?

A) At the monopolist's equilibrium, resources are being efficiently allocated. B) With a monopoly, the value to society of the last unit produced is less than it's production cost. C) Monopolists raise the price and restrict production, compared to a competitive situation. D) A monopolist always produces a higher level of output than would be produced if the market were competitive.