Tax incidence is the
A) dollar amount of a tax, expressed as a percentage of the purchase price.
B) dollar amount of a tax per unit sold.
C) division of a tax burden between the buyer and seller.
D) amount of revenue collected by government on a specific good.
E) deadweight loss from the tax.
Question 2
Canada is classified by the International Monetary Fund as
A) an advanced economy.
B) a developing economy.
C) a transition economy.
D) an emerging market economy.
E) a natural-resource based economy.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.