Suppose that 19th-century politicians had succeeded in their attempt to impose a "single tax"-a tax on suppliers of land (i.e., landlords). Most of the economic burden of the tax would have been borne by
a. renters, because the demand for land is generally less elastic than its supply.
b. renters, because the demand for land is generally more elastic than its supply.
c. landlords, because the demand for land is generally less elastic than its supply.
d. landlords, because the demand for land is generally more elastic than its supply.
d
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A ___________is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
Fill in the blank(s) with the appropriate word(s).
The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition
a. What quantity will be produced? b. What price will be charged? c. What is Tony's total cost? d. What is Tony's total revenue? e. What is Tony's economic profit or loss? f. Is this a long-run equilibrium? Why or why not?