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27 Nov 2019
Please explain / prove your answers. True or False
A. A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.
B. If the government places a $2 tax in the market, the seller bears $2 of the tax burden.
C. Buyers and sellers rarely share the burden of a tax equally.
D. When a tax of $1.00 per gallon is imposed on sellers of gasoline, the supply curve for gasoline shifts upward, but by less than $1.00.
E. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortage of labor will exist.
Please explain / prove your answers. True or False
A. A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.
B. If the government places a $2 tax in the market, the seller bears $2 of the tax burden.
C. Buyers and sellers rarely share the burden of a tax equally.
D. When a tax of $1.00 per gallon is imposed on sellers of gasoline, the supply curve for gasoline shifts upward, but by less than $1.00.
E. If the equilibrium wage is $4 per hour and the minimum wage is $5.15 per hour, then a shortage of labor will exist.
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