Figure 4-21 
-Refer to Figure 4-21.What is the equilibrium quantity in this market?
Definitions:
Tax Burden
The measure of the total taxes paid by an individual, corporation, or another entity relative to its income, assets, or consumption levels.
Elastic
A characteristic of a good or service that indicates a greater than proportional change in quantity demanded or supplied in response to price changes.
Inelastic
Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.
Unitary Elasticity
A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.
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