35) When supply is more elastic than demand, A) consumers carry the majority of

Q: 35) When supply is more elastic than demand, A) consumers carry the majority of

35. Answer: Option A. Explanation: The higher burden of the tax falls on the more inelastic side of the market. Since the demand is more inelastic than supply, consumers will bear the higher portion of the tax.

ID: 1125991 • Letter: 3

Question

35) When supply is more elastic than demand, A) consumers carry the majority of the tax burden B) producers carry all of the tax burden producers and consumers carry an equal amount of the tax burden. D) producers carry the majority of the tax burden. arryualmount of the tax burden. 36) A tax on the seller of a product: A) causes the demand curve for the product to shift to the right. B) al C) causes the seller's take-home price to rise above that paid by the buyer. D) causes the supply curve for the product to shift to the left. ways causes the equilibrium quantity traded in the market to increase 37) Allocating products with long lines, using a first-come, first-served system, is: A) the only way scarce goods can be allocated B) inefficient, because waiting wastes time. C) efficient, since people who are willing to wait the longest get the products. D) necessary when waiting is a costless exercise. 38) Ideally, a market should maximize: A) producer surplus. B) social surplus. C) consumer surplus plus producer surplus. D) consumer surplus. 39) Which is NOT a result of rent control? A) bribery B) higher-quality housing C) fewer new apartments offered for rent D) less maintenance provided by landlords 40) Refer to the table. The deadweight loss in the market could be eliminated if the government: Quantity of Marginal Benefit Marginal Cost External Marginal Social Antibiotics to Buyers $25 $20 $15 $10 S5 to Sellers S5 S10 S15 S20 S25 Cost $10 s10 $10 s10 $10 4 A) equated marginal benefit with external cost. B) outlawed the production of the good. C) added a S10 tax per unit. emntion hy $5 per unit.

Explanation / Answer

35. Answer: Option A.

Explanation: The higher burden of the tax falls on the more inelastic side of the market. Since the demand is more inelastic than supply, consumers will bear the higher portion of the tax.

Navigate

35) When depolarization reaches the axon terminal of a presynaptic neuron, the n

35) Which of the following corectly states Mendels Law of Dominancersxpressed an

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.

35) When supply is more elastic than demand, A) consumers carry the majority of

Question

Explanation / Answer

Related Questions

Navigate