Suppose the demand curve for a product is vertical and the supply curve is upward sloping. If a per-unit tax is imposed in the market for this product
A) buyers share the burden of the tax with government.
B) the tax burden will be shared equally between buyers and sellers.
C) sellers bear the entire burden of the tax.
D) buyers bear the entire burden of the tax.
Question 2
In economics, an organization that produces a good or service is called a
A) business. B) firm.
C) company. D) All of the above are correct.
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