Question: Two MC Questions Considering demand only (assuming all other factors including the supply, equilibrium price, equilibrium quantity, tax, etc. are the same), a tax on

Two MC Questions

Considering demand only (assuming all other factors including the supply, equilibrium price, equilibrium quantity, tax, etc. are the same), a tax on which of the following goods would result in a largest tax revenue? Gasoline (price elasticity of demand = 0.5) medicine (price elasticity of demand = 0.4) restaurant meals (price elasticity of demand = 1.1) tobacco (price elasticity of demand = 0.7) Question 8 (1 point) If the purpose of a tax is to decrease the amount of a harmful activity, then the tax would be most effective when the supply is and the demand is O elastic; elastic inelastic; inelastic elastic; inelastic inelastic; elastic P

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