1. the seller pays of a sales tax if demand is relatively elastic because the buyer can easily substitute to other markets.

true or false

2. Good A is a normal Good if the demand for A increases when income rises

True or false

3. Overproduction of the good means that marginal social cost exceeds marginal social benefit,

Ture or Fales

4. if the quantity of carrots demanded increases by a large percentage when income increases by a small amount, we know that the demand for carrots is income elastic.

Ture or False

5. in competitive equilibrium, deadweight loss is maximized.

True or false