Suppose that a $0.75-tax is placed on gasoline. Under what circumstances will gasoline sellers end up shouldering the full burden of the tax?

A. If supply is perfectly inelastic, and demand is downward-sloping

B. If demand is perfectly inelastic, and supply is upward-sloping

C. If supply is upward-sloping and demand is perfectly elastic

D. The consumer and the seller always share the burden of the tax


C. If supply is upward-sloping and demand is perfectly elastic

Economics

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What will be an ideal response?

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Suppose your accountant told you that the $50,000 you made last year was the total revenue you earned minus both explicit and implicit costs. You would be pleased because that $50,000 represents your

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Economics

Given the availability of the Medicaid program, why are so many poor people uninsured?

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Economics