If neither the demand nor supply of a good is perfectly elastic or inelastic, a tax on the good ________ consumer surplus and ________ producer surplus
A) decreases; decreases
B) increases; increases
C) decreases; increases
D) increases; decreases
E) decreases; does not change
A
Economics
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A good is said to have an elastic supply if its price elasticity of supply is:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
Economics
Tony's Taco Truck has average variable costs of $1 and average fixed costs of $2 when it produces 50 units of output (tacos). The truck's total cost at 50 units of output is a. $3
b. $50. c. $100. d. $150.
Economics