If Sellers Bear 1/3 of the Tax Burden and Elasticity

question 115

Multiple Choice

If sellers bear 1/3 of the tax burden and elasticity of demand is 2, what is the elasticity of supply?

• A) 4
• B) 3
• C) 2
• D) 1

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Definitions:

Approved Voucher

A document or record that authorizes a payment and confirms that goods or services have been received and are satisfactory, ready for payment processing.

Unpaid Balance

The remaining amount of a debt or loan that has not yet been paid off by the borrower.

Voucher Document

A document recording the details of a financial transaction and used for authorizing the payment process.

Separation Of Duties

A principle in auditing and accounting where tasks are divided among different employees to prevent fraud and errors.