the section is about:

Average tax rate

Marginal tax rate

Payroll tax

Tax incidence

Elasticity and taxes

Progressive tax

Regressive tax

Price elasticity of demand

Price elasticity of supply

Income elasticity of demand

Cross price elasticity of demand

Complements

Substitutes

Choose a concept you learned in this section of the course that changed your thinking in an important manner. A short explanation beginning with one of the following prompts:

"Although most people believe.....in fact...."

or

"Although I believed ..... in fact"

explain why you or most people hold the faulty belief. That is what is logical about it--even if it is faulty. Then explain what is a better view. Finally, explain why this difference matters. For this last step it may be helpful to use an example that shows why holding the incorrect belief causes an important result.