« 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 101 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?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

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.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Elastic fibres are made of elastin, one type of structural protein found in the ECM of animal cells Elastic fibres are made of elastin, one type of structural protein found in the ECM of animal cells
Cover and secure the cold source in place. Wrap the cold source using a towel or elastic bandage to ... Cover and secure the cold source in place. Wrap the cold source using a towel or elastic bandage to ...
The demand for energy is met by burning coal and other fossil fuels The demand for energy is met by burning coal and other fossil fuels
Who Oversees the Food Supply? Who Oversees the Food Supply?
The original Supply and Demand graph The original Supply and Demand graph
Elastic/inelastic #5 Elastic/inelastic #5
Video: Fertilization and Development

For a complete list of videos, visit our video library