When a tax is imposed on a good for which both demand and supply are very elastic,

a. sellers effectively pay the majority of the tax.
b. buyers effectively pay the majority of the tax.
c. the tax burden is equally divided between buyers and sellers.
d. None of the above is correct; further information would be required to determine how the burden of the tax is distributed between buyers and sellers.


d

Economics

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In comparison to firms in other market structures, monopolists:

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State bank notes usually had a face value that was ______ their market value, while the notes of the First Bank of the U.S. usually had a face value that was ______ their market value

a. greater than; less than b. less than; greater than c. equal to; less than d. greater than; equal to

Economics

____ is a school of economic thought which uses equation of exchange to analyze the macro economic data

a. Mercantilism b. Monetarism c. Supply side economics d. Keynesianism

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Describe Keynesian Economics as it pertains to GDP

What would be an ideal response?

Economics