As time increases A good becomes more price elastic A good becomes less price elastic Time...
As time increases
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A good becomes more price elastic |
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A good becomes less price elastic |
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Time has no effect on price elasticity of demand only on income elasticity |
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Time has no effect on price elasticity of demand only on income cross-price elasticity |
If the elasticity of demand is more elastic than the elasticity of supply then
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consumers bear the greater economic incidence of the tax |
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producers bear the greater economic incidence of the tax |
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consumers and producers evenly share the economic incidence of the tax |
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relative elasticity has no bearing upon who bears the greater incidence of the tax |
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As time increases
A good becomes more price elastic
A good becomes less price elastic
Time...
suppose a tax is imposed on a good that has relatively inelastic demand and relatively elastic...
suppose a tax is imposed on a good that has relatively inelastic demand and relatively elastic supply. who will bear more of the burden tax, consumers or producers? Explain.
1. An excise tax (sales tax) is imposed on producers of a good. For a given...
1. An excise tax (sales tax) is imposed on producers of a good. For a given supply curve, the more price elastic the demand for the product, the greater the tax incidence on (the party that pays more portion of tax): Producers Both Consumers Neither
9.The more time people have to adjust to a price change, A.the less elastic their demand...
9.The more time people have to adjust to a price change, A.the less elastic their demand will be. B. will not affect the elasticity of their response, unless the good in question is a luxury good. C.the more elastic their demand will be. D.will not affect the elasticity of their response, unless the good in question is a necessity. 10.When a good has many close substitutes available, its demand is likely to be A.less price elastic than for goods without...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to...
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
Demand is more elastic: a. in the short run than in the long run. b. for...
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...
If a tax is imposed on a good where both supply and demand are somewhat elastic,...
If a tax is imposed on a good where both supply and demand are somewhat elastic, but demand is more elastic than supply, the burden of the tax will be borne a. by producers alone. b. by consumers and producers equally. c. by consumers alone. d. mostly by producers but partially by consumers. e. mostly by consumers but partially by producers.
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
4. (a) A product has a price elasticity of demand equal to -2. If price increases...
4. (a) A product has a price elasticity of demand equal to -2. If price increases by 6 percent, what will be the decrease in quantity demanded? (b) Is this product most likely a luxury or necessity, and why? (c) Another product has an income elasticity of 0.8. If income rises by 8 percent, what will be the increase in demand? (d) Two products have a cross price elasticity of -0.4. Are these product substitutes or complements. (e) Yet another...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
If a $5 tax on each pack of cigarettes causes the market price of cigarettes to increase by $2.50 then which of the following statements is true? consumers must be more elastic than producers consumers must be less elastic than producers consumers and producers must be equally elastic Question 42 (1 point) If the elasticity of demand is -1.8 and the elasticity of supply is 1, then consumers are than producers and the relative consumer burden will equal . Hint:...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
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