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If there is a way to change a situation so that at least some people gain while no one in the economy loses, the situation is economically inefficient. ( )

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The cross elasticity of demand for substitute goods must be less than zero. ( )

If the size of a tax increases, tax revenue will increase, and then decrease. ( )

A monopolistically competitive market is different from a monopoly market in that the former allows free entry and exit in the long run. ( )

A tax on sales of a good, when compared to the market equilibrium without the tax, will result in a higher price paid by buyers and a higher quantity traded. ( )

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