When demand for a product is very inelastic, the burden of a tax falls mainly on
a. producers.
b. consumers.
c. tax collectors.
d. people who drop out of the market.
b
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Which of the following answer choices best describes a consumption expenditure category in the national income accounting?
A. Changes in business inventories B. Consumer durable goods, consumer nondurable goods, and services C. Consumer durable goods and consumer nondurable goods, but not services D. Both new and used consumer goods
In 1935, what changes were made to the Federal Reserve System?
(A) A central group of banks were authorized to lend to each other in times of need. (B) There was an increase of Federal District Banks from 10 to 12 banks. (C) The problems of regional banks were no longer the concern of Federal District Banks. (D) The Federal Reserve System was given more centralized power.
In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) explicit costs plus its implicit costs. B) fixed costs. C) implicit costs. D) explicit costs.
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the level of output that would maximize its profits?
A. 2,000 B. 2,400 C. 2,800 D. 3,200