Exhibit 5-9 Supply and Demand Curves for Good X ​ In Exhibit 5-9, assume the government places a $200 per unit sales tax on Good X. The percentage of the burden of taxation paid by consumers of Good X is:

When a reduction in the price of a good allows a consumer to purchase more of all goods, this effect is called the:

In Exhibit 3-11, in Panel B the movement from point A to point C describes a(n):

Suppose ABC Corporation is willing to sell 100 shirts when the price is $10 and 200 shirts when the price is $15, but XYZ Inc is willing to sell 500 shirts when the price is $10 and 350 shirts when the price is $15. Which of the following statements about the two companies is correct?

Exhibit 3-18 Supply and demand curves ​ ​ The market shown in Exhibit 3-18 is initially in equilibrium at E1. Changes in market conditions result in a new equilibrium at E2. This change is stated as a(n):

Suppose that when output is 20, marginal cost is $20, and average total cost is $30. Then which of the following is most likely to be true?  

The responsiveness of suppliers to changing prices is called the:

Suppose a good has a downward-sloping, straight-line demand curve. If the price elasticity of demand is 2.5 when the price is $10 per unit, then the price elasticity of demand when the price is $7 per unit could be

Which of the following best describes total fixed cost?

The “other things being equal” clause in the law of demand does allow which of the following factors to change?