Suppose the elasticity of supply of land is 0 and elasticity of demand is 2. If the government imposes a 10 percent tax on land, then
A) buyers and sellers each pay 5 percent of the tax.
B) buyers pay all of the tax.
C) sellers pay all of the tax.
D) sellers pay a smaller share of the tax than do buyers but both buyers and sellers pay some of the tax.
E) buyers pay 1/2 of the tax.
C
Economics
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There are approximately ______ banks in the U.S
a. 8,000. b. 2,000. c. 100,000. d. 25,000. e. 4,000.
Economics
Suppose that the quantity demanded for cars exceeds the quantity supplied of cars. We would expect that
A. the demand will decrease (demand will shift to the left to meet the supply. B. the price of cars will increase. C. the supply will increase (supply will shift to the right to meet the demand. D. the price of cars will decrease.
Economics