Refer to Figure 4-10. Suppose the market is initially in equilibrium at price P1 and now the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax? For demand curve D1
A) the producer bears the entire burden of the tax if the supply curve is S2 and the consumer bears the entire burden of the tax if the supply curve is S1.
B) the producer bears a smaller share of the tax burden if the supply curve is S2.
C) the producer's share of the tax burden is the same whether the supply curve is S1 or S2.
D) the producer bears a smaller share of the tax burden if the supply curve is S1.
Question 2
Workers in high-income countries have ________ to work with than do workers in low-income countries.
A) less physical capital B) more labor and less physical capital
C) more labor D) more physical capital
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