1)"If at the current price, there is a shortage of the good"

A)sellers are producing more than buyers want to buy

B)the market must be in equilibrium

C)the price is below the equilibrium price

D)quantity demanded equals quantity supplied

2)"If the price elasticity of demand is -1.2, economists would describe demand as"

A elastic

B inelastic

C perfectly elastic

D unit elastic

"If the price elasticity of supply for a good is 1.5 and the absolute value of the price elasticity of demand is 2, which of these is true?"

		producers pay most of the tax burden
		consumers pay most of the tax burden
		producers and consumers split the tax burden equally
		producers pay all of the tax burden