When a tax is levied on buyers of tea,
a. buyers of tea and sellers of tea both are made worse off.
b. buyers of tea are made worse off, and the well-being of sellers is unaffected.
c. buyers of tea are made worse off, and sellers of tea are made better off.
d. the well-being of both buyers of tea and sellers of tea is unaffected.
a
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A) has little to say about the entrepreneur B) says a good bit about the entrepreneur. C) equates the entrepreneur and the manager. D) equates management and shareholders.
When externalities are present in a market, the well-being of market participants
a. and market bystanders are both directly affected. b. and market bystanders are both indirectly affected. c. is directly affected, and market bystanders are indirectly affected. d. is indirectly affected, and market bystanders are directly affected.