Using supply and demand analysis, which of the following is true?

Using supply and demand analysis, which of the following is true?
 a. The burden of a tax on production cannot be determined on the basis of who actually pays the tax.
  b. The burden of a tax on production is always split evenly between consumers and sellers.
  c. Consumers bear the entire burden of a per unit tax on production.
  d. Sellers bear the entire burden of a per unit tax on production.

QUESTION 2

In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is:
 a. indeterminate.
  b. an upward-sloping curve.
  c. a downward-sloping curve.
  d. the same as the firm's demand curve.

QUESTION 3

The more inelastic the demand for a product, the more the actual burden of a tax on the product will:
 a. fall on sellers.
  b. fall on buyers.
  c. fall equally on both buyers and sellers.
  d. create a larger deadweight loss (or excess burden).

QUESTION 4

In the short run, when the prevailing market price falls below the average variable cost curve, a firm in perfect competition will shut down because:
 a. economic profit is zero.
 b. price is less than marginal revenue.
 c. marginal revenue is insufficient to pay average variable cost.
  d. other firms will enter the market seeking profits.

QUESTION 5

The more elastic the supply of a product, the more the actual burden of a tax on the product will:
 a. fall on sellers.
  b. fall on buyers.
  c. fall equally on both buyers and sellers.
  d. create a smaller deadweight loss (or excess burden).