If supply is perfectly inelastic, a sales tax imposed on sellers is paid by
A) only the buyers.
B) only the sellers.
C) both the buyers and sellers.
D) None of the above answers is correct.
A
Economics
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According to the economic analysis of democracy, citizens do not acquire sufficient information to vote intelligently because
A) money controls the media. B) private concerns matter more to them than public affairs. C) they are apathetic about government. D) they know their vote doesn't really matter. E) the country is a republic, not a democracy.
Economics
Which of the following will not generally be true of a monopolistic competitor operating in the long run?
a. marginal cost exceeds average total cost b. marginal revenue = marginal cost c. production in the range of economies of scale d. price greater than marginal revenue
Economics