Suppose the Government Imposes a $10 Excise Tax on the Sale

question 208

Multiple Choice

Suppose the government imposes a $10 excise tax on the sale of sweaters by charging suppliers $10 for each sweater sold.If the demand curve is downward-sloping and the supply curve is upward-sloping:

• A)the price of sweaters will increase by $10.
• B)consumers of sweaters will bear the entire burden of the tax.
• C)the price of sweaters will increase by less than $10.
• D)the price of sweaters will decrease by $10.

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