A subsidy on a product will generate more actual benefit for consumers (and less for producers) when
a. the supply of the product is relatively inelastic.
b. the supply of the product is relatively elastic.
c. the demand for the product is relatively elastic.
d. either a or c is true.
B
Economics
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How does the text distinguish between the market and government?
A) The market is based on competition; the government is based on cooperation. B) The market is based on prices; the government is based on policies. C) The market is based on individualism; the government is based on socialism. D) In all of the above ways. E) In none of the above ways.
Economics
Refer to Table 17-2. The marginal revenue product of labor from the third unit of labor is
A) $5,460. B) $1,560. C) $1,260. D) $780.
Economics