The more elastic the supply curve, _____
a. the greater the tax evasion
b. the more suppliers have to bear the tax burden
c. the more suppliers can shift the tax burden to demanders
d. the more demanders shift the supply curve
c
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The difference between a Nash equilibrium strategy and a dominant strategy is:
a. nothing; they are synonymous. b. the former is stable but the latter is unstable. c. the former must be a best response to all others' strategy profiles, whereas the latter need only be a best response to others' Nash equilibrium strategies. d. the former need only be a best response to others' Nash equilibrium strategies, whereas the latter must be a best response to all others' strategy profiles.
Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs. b. total revenue exceeds total variable costs. c. average total cost exceeds average revenue. d. price exceeds average total cost.