If the supply of land were perfectly inelastic, a tax on land would be paid:
A: partly by sellers and partly by buyers.
B: entirely by sellers.
C: entirely by buyers.
D: It is impossible to determine given this information.
A: partly by sellers and partly by buyers.
B: entirely by sellers.
C: entirely by buyers.
D: It is impossible to determine given this information.
举一反三
- If the supply of land were perfectly inelastic, a tax on land would be paid:
- If a tax is imposed on a market with inelastic supply and elastic demand, then A: buyers will bear most of the burden of the tax. B: sellers will bear most of the burden of the tax. C: the burden of the tax will be shared equally between buyers and sellers. D: it is impossible to determine how the burden of the tax will be shared.
- The circular-flow diagram illustrates that, in markets for the factors of production, ( ) A: households are sellers, and firms are buyers. B: households are buyers, and firms are sellers. C: households and firms are both buyers. D: households and firms are both sellers.
- Which of the following is a characteristic of perfect competition? A: . A single seller. B: . A small number of buyers. C: . Buyers and sellers are price setters. D: . Buyers and sellers are price takers.
- Which of the following statements is most accurate in regard to the tax division between buyers and sellers of products with perfectly elastic demand A: Sellers pay the entire tax. B: Buyers bear the entire tax burden. C: Buyers and sellers share the tax burden.