When a Good Is Perfectly Inelastic in Demand, or Perfectly

question 179

True/False

When a good is perfectly inelastic in demand, or perfectly elastic in supply, the buyers will pay the full tax that is placed on the sellers.

---

Definitions:

Voter Turnout

The percentage of eligible voters who cast a ballot in an election, indicating the level of public engagement in the electoral process.

Recession

A phase of short-term economic downturn marked by a decrease in commerce and manufacturing, typically recognized by a drop in the Gross Domestic Product (GDP) over two consecutive quarters.

War on Terror

An international military campaign launched by the United States after the September 11, 2001, attacks, primarily targeting extremist terrorism.

Obergefell V. Hodges

A landmark U.S. Supreme Court case in which the Court ruled that the fundamental right to marry is guaranteed to same-sex couples by the Constitution.