Which of the Following Is True?​

question 102

Multiple Choice

Which of the following is true?​

• A)​Once the equilibrium price and output is reached, all the mutually beneficial trade opportunities between suppliers and demanders will have taken place, and the sum of consumer and producer surplus is maximized.
• B)​The deadweight loss of a tax is the difference between the lost consumer and producer surplus and the tax revenue generated.
• C)​Those goods that are heavily taxed often have a relatively inelastic demand curve in the short run, so that the burden falls mainly on the buyer, and the deadweight loss to society is smaller than if the demand curve was more elastic.
• D)​All of the above are true.

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Definitions:

Serous Membrane

A thin layer of tissue that lines certain internal cavities of the body, secreting a fluid that lubricates organ surfaces.

Inflammation

A biological response to injury or infection, leading to redness, heat, swelling, and pain in the affected area.

Lung

One of the two respiratory organs located in the chest, which facilitate the exchange of oxygen and carbon dioxide between the air and blood.

Organisms

Living entities that can carry out life processes independently, ranging from bacteria to plants and animals.