If salt has a ________, then ________ pay most of any tax levied on salt
A) high elasticity of supply; sellers
B) low elasticity of demand; buyers
C) high elasticity of demand; buyers
D) low elasticity of supply; buyers
B
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The Bubby Gum factory produces bubble gum. Joanne is one of the employees, and she produces 10 packs of bubble gum per hour. Joanne's money wage rate is $12 per hour. Based on this information, the Bubby Gum company should
A) fire Joanne because she creates a loss for the firm. B) increase its demand for labor. C) decrease Joanne's wage rate because she is paid too much. D) keep Joanne because she creates a profit for the firm. E) None of the above answers is correct because more information about Joanne's real wage is needed to decide what to do.
The figure shows the market for rental units in Gladstone. The market is in equilibrium. The government now introduces a rent ceiling of $500 a month. The price of a rental unit ________ and the number of units rented ________
A) increases by $500 per month; decreases B) increases by $100 per month; increases C) decreases by $100 per month; decreases D) remains the same; remains the same
Compare and contrast the outcomes with respect to price and output in a monopolistically competitive market and a perfectly competitive market. In which situation are consumers better off? Why?
What will be an ideal response?
Bill is willing to cut lawns for a minimum of $200 a week. He is, however, paid $250 for the same service by a lawn maintenance company. This is an example of
a. consumer surplus. b. employment discrimination. c. producer surplus. d. the derivation of accounting profit.