If the sellers of a good are taxed for each unit sold, ________
A) the price that buyers need to pay falls
B) a larger quantity of the good is sold
C) the price that sellers receive increases
D) a smaller quantity of the good is sold
D
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Economic goods are goods for which the quantity demanded exceeds the quantity supplied at a zero price.
A. TRUE B. FALSE
In the federal funds market, _____
a. banks make loans to the Fed b. banks make short-term loans to other banks c. banks make long-term loans to other banks d. the Fed makes short-term loans to private borrowers e. the Fed makes long-term loans to commercial banks
In a planned economy, the means of production are owned by private individuals.
a. true b. false
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.