In the above figure, the imposition of a $0.25 sales tax on sellers will
A) raise the market price paid by buyers of hotdogs by $0.25.
B) lower the market price paid by buyers of hotdogs by $0.25.
C) raise the market price paid by buyers of hotdogs by $0.125.
D) have no effect on the market price of hot dogs.
D
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In the figure above, if point "a" represents the original equilibrium and point "b" the new equilibrium, then
A) there has been an increase in supply. B) there has been an increase in demand. C) there has been a change in the quantity supplied and no change in supply. D) Both answers B and C are correct. E) Both answers A and B are correct.
In the above figure, if the minimum wage is equal to ________, there would be ________ hours of labor employed
A) $8 per hour; 4,000 B) $8 per hour; 2,000 C) $6 per hour; 3,000 D) $4 per hour; 2,000
What is the most likely effect of the development of cell phones (many use this for time also) on the watch industry?
a. Increased price elasticity of demand for the watch industry because cell phones are complements b. decreased price elasticity of demand for the watch industry because cell phones are complements c. Increased price elasticity of demand for the watch industry because cell phones are substitutes d. decreased price elasticity of demand for the watch industry because cell phones are substitutes
Which of the following is not a government transfer program?
a. unemployment compensation b. Social Security c. food stamps d. Medicare e. movement of soldiers to a different military base