Time left 1:12:33 Question 1 Not yet answered Marked out of 1.00 Flag question Question text In Graph 6-10, the per unit burden of the tax on buyers is: a. P1 minus P0. b. P2 minus P0. c. Q1 minus Q0. d. P2 minus P1. Question 2 Not yet answered Marked out of 1.00 Flag question Question text Due to the externalities associated with public goods and common resources, a. private markets will lead to an efficient allocation of resources. b. private markets will correct for the gain or loss to consumer surplus. c. government intervention can potentially raise economic well-being. d. the free-rider problem is eliminated. Question 3 Not yet answered Marked out of 1.00 Flag question Question text The more substitutes available for a product: a. the smaller is its price elasticity of demand. b. the smaller is its income elasticity of demand. c. the larger is its the price elasticity of demand. d. the larger is its income elasticity of demand. Question 4 Not yet answered Marked out of 1.00 Flag question Question text 10 percent increase in income has caused a 5 percent decrease in the quantity demanded. The income elasticity is: a. -2.0. b. -0.5 c. 0.5. d. 2.0. Question 5 Not yet answered Marked out of 1.00 Flag question Question text Common resources are both a. rival and excludable. b. nonrival and nonexcludable. c. nonrival and excludable. d. rival and nonexcludable. Question 6 Not yet answered Marked out of 1.00 Flag question Question text A 20 percent inc