All Other Things Being Equal, Which of the Following Results

question 13

Multiple Choice

All other things being equal, which of the following results in the most tax burden for consumers in the case of a per-unit tax on a good?

• A)Perfectly elastic demand
• B)Relatively elastic demand
• C)Unit-elastic demand
• D)Relatively inelastic demand
• E)Perfectly inelastic demand

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Definitions:

Estoppel

A legal principle that prevents a party from contradicting or asserting something contrary to a previous statement or behavior.

Detriment

A loss or harm suffered as a result of an action or a decision.

Adequacy

The sufficiency of something in meeting a specific need or standard, often evaluated in terms of quality or quantity.

Consideration

The value promised to be transferred in a contract, making it legally binding.