Sellers bear the entire incidence of a tax on a good. This outcome can occur if
A) supply is perfectly inelastic.
B) the good is an inferior good.
C) demand is perfectly inelastic.
D) the demand curve is downward sloping and the supply curve is upward sloping.
E) supply is perfectly elastic.
A
Economics
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Between 1900 and 2007, the ratio of actual to natural real GDP hit its low point in
A) 1933. B) 1904. C) 1944. D) 1982.
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The law of diminishing marginal utility states that: a. total utility decreases as consumption of a good increases
b. total utility increases as consumption of a good increases. c. the increase in total utility from consuming an additional unit decreases as consumption increases. d. the increase in total utility from consuming an additional unit increases as consumption increases.
Economics