Principles of Micoroeconomics, Student Value Edition
11th Edition
ISBN: 9780133024265
Author: Karl E. Case
Publisher: PEARSON
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Question
Chapter 19, Problem 5P
To determine
Identify the role of the taxes on necessities.
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How a tax burden is divided between consumers and producers is called tax incidence. Consumers bear most of the tax burden when:
Group of answer choices
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Demand is more elastic than supply
The firm decides to pass none of the tax on to the consumer via a higher price.
Supply is more elastic than demand.
Cross elasticity of demand is .35
When supply and demand are equally elastic:
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producers carry the majority of the tax burden.
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consumers carry the majority of the tax burden.
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producers and consumers carry an equal amount of the tax burden.
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consumers carry all of the tax burden.
Why does taxation create an excess burden?
Chapter 19 Solutions
Principles of Micoroeconomics, Student Value Edition
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