Refer to the Graph Shown

question 147

Multiple Choice

Refer to the graph shown. If the elasticity of supply is 1, the burden of the tax will be shared equally by consumers and suppliers at which point?

• A) A
• B) C
• C) E
• D) It depends on who pays the tax.

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Definitions:

Order Paper

A document listing the business or orders of the day for parliamentary bodies, including scheduled discussions, questions, and motions.

Drawer

In the context of negotiable instruments, this term refers to the party that creates or writes a check or a draft, instructing the drawee (usually a bank) to pay the specified amount to a third party (the payee).

Drawee

The party directed by a drafter (such as in the case of a cheque) to pay a certain amount of money to a third party.

Negotiability

Negotiability refers to the feature of certain documents, such as negotiable instruments, that allows them to be transferred or endorsed from one party to another, thereby guaranteeing payment to the holder.