« 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 103 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?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

The role of the liver in fuel supply to the blood. The role of the liver in fuel supply to the blood.
Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
Barrel-vaulted gallery, ground floor of the Colosseum, Rome. Barrel-vaulted gallery, ground floor of the Colosseum, Rome.
A demand delivery system uses a fuel-pressure regulator attached to the fuel pump assembly inside ... A demand delivery system uses a fuel-pressure regulator attached to the fuel pump assembly inside ...
The leaky-barrel model: a settling-point model of eating and body weight homeostasis. The leaky-barrel model: a settling-point model of eating and body weight homeostasis.
Classic Supply - Demand Curve Classic Supply - Demand Curve
Video: Hormonal regulation of blood pressure - RAA system

For a complete list of videos, visit our video library