If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers
a. True
b. False
Indicate whether the statement is true or false
True
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The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice B) refers to two people who have similar tastes C) suggests a quite improbable circumstance D) clarifies the distinction between income and wealth E) none of the above
If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 101st unit of good X is 5Y, then the opportunity cost of producing the 201st unit of good is X is most likely to be
A) less than 5Y. B) more than 1/5Y but less than 5Y. C) more than 5Y D) less than 1/5Y but more than zero.
If a monopolist had no costs, its best possible price would be where demand is
A. relatively (but not completely) inelastic. B. unit elastic. C. infinitely elastic. D. relatively (but not perfectly) elastic.
The largest union today is the _____________________.
Fill in the blank(s) with the appropriate word(s).