A tax on suppliers will cause the ________ schedule to shift ________.

A. supply, right
B. demand, right
C. demand, left
D. supply, left


Answer: D

Economics

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Public franchises create monopolies by restricting

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The natural rate of real output reflects the levels of ______ in the economy.

a. capital, land, labor, and technology b. prices c. consumption, investment, imports, and taxes d. wages

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Which of the following statements is true?

A. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. B. In capitalism income is distributed on the basis of need. C. Adam Smith was the father of socialism. D. Most real-world economies are mixed economic systems.

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The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is:

A. Allocative efficiency B. Productive efficiency C. The consumer surplus D. The producer surplus

Economics