If the producers bear a smaller tax incidence than the buyers in a market, which of the following must be true?
A. It must be a market for luxury items.
B. Their supply curve must be less elastic than the buyers demand curve in this market.
C. It must be a market for inferior goods.
D. Their supply curve must be more elastic than the buyers demand curve in this market.
Answer: D
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What will be an ideal response?
The Board of Governors of the Federal Reserve consists of ____________ members appointed by the President of the United States and confirmed by the Senate for 14-year terms.
a. nine b. four c. seven d. five
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a. True b. False Indicate whether the statement is true or false