The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. Anti-freeze sellers would pay a larger part of this tax than what is shown in the figure if the
A) demand were more inelastic.
B) demand curve were steeper.
C) supply were more inelastic.
D) supply were more elastic.
C
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If one software company conspired with another software company to raise prices, this would be in violation of the:
a. Federal Trade Commission Act. b. Clayton Act. c. Sherman Antitrust Act. d. Robinson-Patman Act.
Economists object to monopolies on the grounds that monopolies:
a. can fix prices at levels that are too high. b. lack productive efficiency. c. lack allocative efficiency. d. can only exist hypothetically.
If the U.S. imposed import quotas on cotton, then which of the following would rise?
a. the U.S. real exchange rate and U.S. net exports b. the U.S. real exchange rate but not U.S. net exports c. U.S. net exports but not the U.S. real exchange rate d. neither the U.S. real exchange rate nor U.S. net exports
If a city decides to lift restrictions of how many taxi cabs can operate, social welfare will increase
Indicate whether the statement is true or false