1. If the government imposes a percentage tax on consumers, the more inelastic the supply curve, the A) The lower the tax revenue B) Larger the deadweight loss C) Smaller the drop in equilibrium quantity D) All of the answers are correct Suppose you decrease the quantity demanded for milk from 5 liters per week to 4 liters per week 2. because of a fall in the price of X from $10 to $6. What is the cross price elasticity for milk over these ranges? A) 419 B) -1 C) 1 D) 419 3. Rent control is an example of a price _, which is set the equilibrium price. A} Ceiling; below B) Floor; above C) Floor; below D) Ceiling; above