Firms that produce 90 percent of all phone cameras have shut down their facilities for maintenance. In the phone camera market this will lead to
A) an increase in price and a decrease in quantity.
B) an increase in price and an increase in quantity.
C) a decrease in price and a decrease in quantity.
D) a decrease in price and an increase in quantity.
Answer: A
Economics
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The incidence of a tax:
A. falls entirely on suppliers if supply is perfectly elastic. B. falls entirely on suppliers if demand is perfectly inelastic. C. falls entirely on consumers if supply is perfectly elastic. D. falls entirely on consumers if demand is perfectly elastic.
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