If a tax is imposed on buyers in a market in which supply is perfectly inelastic, the
A) buyers pay the entire tax.
B) sellers pay the entire tax.
C) buyers and the sellers both pay a portion of the tax.
D) neither the buyers nor the sellers pay the tax.
B
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The Land Ordinances of 1785 and 1787 accomplished which of the following?
(a) Established the foundation for future American capitalism by permitting land to pass into private hands (b) Allowed the practice of primogeniture or inheritance by the oldest son (c) Permitted land to be treated primarily as a "collective good" (d) Provided for a lateral expansion of American socialism
Refer to the above table. Suppose the marginal revenue product of the 5th worker is $800. This implies that
A) the price of the good is $5.33. B) the price of the good is $8. C) the price of the good is $70. D) we cannot tell what the price of the good is without more information.