If supply is perfectly elastic, a sales tax imposed on sellers is paid by
A) only the buyers.
B) only the sellers.
C) both the buyers and sellers.
D) None of the above answers is correct.
Question 2
Joe consumes pizza and movies. He is currently spending his entire income and his marginal utility of pizza is 15 and his marginal utility of movies is 10.
If the price of a pizza is 10 and the price of a movie is 5, then to maximize his utility Joe should A) increase consumption of pizza and decrease consumption of movies.
B) increase consumption of movies and decrease consumption of pizza.
C) not change his current bundle of movies and pizza.
D) increase consumption of both goods.
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