The supply of aged cheddar cheese is inelastic, and the supply of flour is elastic. Both goods are considered to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10 percent. The change in equilibrium quantity will be: a. greater in the aged cheddar cheese market than in the flour market.
b. greater in the flour market than in the aged cheddar cheese market.
c. the same in the aged cheddar cheese and flour markets.
d. unknown without more information.

The maximum tax rate on estates and gifts

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.

Any point on a country's production possibilities frontier represents a combination of two goods that an economy: