1. Buyers always pay a larger fraction of a sales tax compared to sellers. * 6. If imposed above the equilibrium price, a higher price floor will lead to a higher market surplus. " True True False False 2. If the demand for gasoline is perfectly elastic, imposing a tax on gasoline causes a rise in its price. * 7. If price and total revenues move in the opposite direction, we can True conclude that demand is elastic, * False True False 1 If the demand for a product is more elastic than supply, then a larger fraction of a sales tax is paid by consumers. " True 8. The price elasticity of demand for a good will be larger if there are fewer substitutes for the product . False True False 4, If consumers are more responsive to price changes, then the price elasticity of demand is larger. " Tue 9. The supply of movie tickets at a specific date and time (e.g., 4:30 pm on False a Saturday) in a theater is O a. perfectly elastic until all seats are filled 5. The cross elasticity of demand between hot dogs and hot dog buns is b. unit elastic negative. " O C. perfectly inelastic True False O d. elastic