12. If a tax is imposed on buyers in a market in which supply is perfectly inelastic, the(A) buyers pay the entire tax.(B) sellers pay the entire tax.(C)buyers and the sellers both pay a portion of the tax.(D) neither the buyers nor the sellers pay the tax.

19. Which of the following statements is FALSE?(A) In the short run, a monopolist might operate even though it is incurring an economic loss but in the short run a perfectly competitive firm always shuts down if it is incurring an economic loss.(B) A monopoly can earn an economic profit in the long run but a perfectly competitive firm cannot.(C)A monopoly can set its price while a perfectly competitive firm cannot.(D) A monopoly is protected by barriers to entry while a perfectly competitive firm is not.

12. If a tax is imposed on buyers in a market in which supply is perfectly inelastic, the
(A) buyers pay the entire tax.
(B) sellers pay the entire tax.
(C)buyers and the sellers both pay a portion of the tax.
(D) neither the buyers nor the sellers pay the tax.

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