« previous next »

Author Question: The supply of oil is more elastic than the demand for oil. If oil is taxed 10 per barrel, how will ... (Read 100 times)

KimWrice

  • Hero Member
  • *****
  • Posts: 579
on: Jun 29, 2018
The supply of oil is more elastic than the demand for oil. If oil is taxed 10 per barrel, how will the tax be divided between the buyers and sellers?
 
  A) The sellers will pay more of the tax than the buyers.
  B) The buyers will pay more of the tax than the sellers.
  C) The sellers and buyers will split the tax evenly.
  D) The sellers will pay the entire tax.

Question 2

In the above figure, when the economy is in a long-run equilibrium, the price level will be
 
  A) 90.
  B) 100.
  C) 110.
  D) 120.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


coyin

  • Sr. Member
  • ****
  • Posts: 334
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

The role of the liver in fuel supply to the blood. The role of the liver in fuel supply to the blood.
supply chain supply chain
The Elastic Rebound Theory The Elastic Rebound Theory
Attention and memory are in demand during circle time. Attention and memory are in demand during circle time.
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
The Plunger and Barrel of a Standard Syringe The Plunger and Barrel of a Standard Syringe
Video: Bone elongation - processes at the epiphyseal plate

For a complete list of videos, visit our video library