economics 101: Explain why the following statements are True, False, or Uncertain according to economic principles. Use diagrams if appropriate. Unsupported answers receive no marks. It is the explanation that is important.

a) If you had been hired to advise your local public transit authority on how they could raise transit revenues and you knew the elasticity of demand for transit rides, you would be able to give a good answer.

b) Assuming that supply is somewhat elastic, the burden of a per unit tax is borne more by consumers the more elastic is the demand curve.

c) The imposition of a binding minimum wage makes all workers affected by it better off.