Assume the government wants to impose a tax on wine. It wants to minimize the negative impact the tax has on consumers in the form of higher prices. It will achieve this goal if
A. . demand is relatively elastic.
B. . demand is relatively inelastic.
C. . supply is relatively elastic.
D. . the supply curve and the demand curve for wine have the same elasticity.
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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.
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.
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