Suppose that 19th-century politicians had succeeded in their attempt to impose a "single tax"-a tax on suppliers of land (i.e., landlords). Most of the economic burden of the tax would have been borne by
a. renters, because the demand for land is generally less elastic than its supply.
b. renters, because the demand for land is generally more elastic than its supply.
c. landlords, because the demand for land is generally less elastic than its supply.
d. landlords, because the demand for land is generally more elastic than its supply.
d
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According to the scenario above, in which of the following groups are all the people structurally unemployed?
A) Thorton B) Jung C) Thorton and Darrelo D) Darrelo and Thorton E) Rita, Armondo, and Chris
If a good is price elastic, a decrease in price will:
A) decrease total revenue. B) increase total revenue. C) not affect revenue. D) none of the above.
When a firm uses a form of quantity discrimination that charges large purchasers less it is the high quantity purchasers that generate most profit
Indicate whether the statement is true or false
A price floor that is set above the equilibrium price
A) causes suppliers to lower their prices. B) is binding. C) is non-binding. D) creates a shortage.