For a good with many substitutes, _____
a. buyers pay less of the tax than the sellers
b. demand is relatively inelastic
c. supply is unit elastic
d. sellers pay less of the tax than the buyers
a
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Technological changes that increase the productivity of skilled workers relative to that of unskilled workers are referred to as:
A) skill-biased technological changes. B) labor-saving technological changes. C) unskilled-biased technological changes. D) labor-complementary technological changes.
In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will
The action of having to purchase the will in order to purchase gas is known as A) a surplus. B) a price support. C) the price system. D) a black market.
Consider a tariff levied on the importer of a consumer good. The tariff is ultimately paid by
a. the importer. b. the consumer. c. competing foreign firms. d. competing domestic firms.
If the government regulates the market in the above figure in a way to achieve efficiency, then ________ vaccinations will be produced and consumed
A) 0 B) 30 thousand C) 50 thousand D) None of the above answers is correct.