Sellers pay more of a tax imposed on a good when
A. . the demand for the good is more inelastic.
B. . the supply of the good is more elastic.
C. . the supply of the good is less elastic.
D. . the supply of and the demand for the good have the same elasticity.
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Tax incidence deals with
A. . the level of taxable income.
B. . the level of taxation on sales.
C. . the dollar amount of incidental taxes.
D. . who bears the burden of a tax.
A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:
A. . a price ceiling.
B. . a price floor.
C. . a gap in prices or wages.
D. . a wage settlement.
A price ceiling is
A. . a legal maximum price at which a good can be sold.
B. . a legal minimum price at which a good can be sold.
C. . typically equal to the equilibrium price of a good.
D. . a price set by government that varies with market conditions.
If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?
A. . There will be a surplus of gasoline.
B. . The quantity demanded will exceed the quantity supplied.
C. . The quantity supplied will exceed the quantity demanded.
D. . The quantity of gasoline demanded will equal the quantity of gasoline supplied.
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