If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax
A. no matter how elastic the demand for the good is.
B. only if demand is perfectly elastic.
C. only if demand is perfectly inelastic.
D. only if the government forbids them to raise the price of the good.
Answer: A
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According to the text application, the IPCC estimates that
a. Africa is the only continent vulnerable to climate change b. ecological risk to North America will vary within the region c. Europe should experience shorter growing seasons d. Latin American should experience higher crop yields e. all of the above
Suppose the price of a can was $5.10. In this case, to maximize its profit, the firm illustrated in the figure above would
A) decrease its production and would make an economic profit. B) not change its production and would make zero economic profit. C) not change its production and would make an economic profit. D) decrease its production and would incur an economic loss. E) not change its production and would incur an economic loss.
Refer to Figure 22-1. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) B to A. B) B to C. C) C to A. D) A to B.
The United States' economy was most depressed in
A. 1923. B. 1933. C. 1943. D. 1953.