The burden of a tax is placed entirely on the buyers of a good when the demand for the good is _____
a. perfectly inelastic
b. perfectly elastic
c. unit elastic
d. relatively elastic
a
You might also like to view...
If a person's indifference curves can be represented as a straight line, the person views the goods as
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)
Suppose Carrie's utility function for clams is as follows: If she consumes 1 clam, she gets 10 units of total utility; for 2 clams, she gets 18 units of total utility; for 3 clams, she gets 24 units of total utility; for 4 clams, she gets 28 units of total utility; for 5 clams, she gets 30 units of total utility; and for 6 clams, she gets 26 units of total utility
a. Carrie gets 9 units of marginal utility for the 2nd clam. b. Carrie gets 8 units of marginal utility for the 3rd clam. c. Carrie gets 7 units of marginal utility for the 4th clam. d. None of the above are true.