The More Elastic the Supply of a Product, the More

question 240

Multiple Choice

The more elastic the supply of a product, the more likely it is that the burden of a tax will

• A) fall on sellers.
• B) fall on buyers.
• C) fall equally on both buyers and sellers.
• D) be borne by the public sector, and not by market participants.

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Definitions:

Cerebellum

A brain structure that regulates movement and balance, is involved in remembering simple skills and acquired reflexes, and plays a role in cognitive and emotional learning.

Physiological Patterns

Regular and predictable behaviors or responses of the body's systems, often in relation to health and disease.

Epinephrine

A hormone and neurotransmitter also known as adrenaline, involved in regulating heart rate, blood vessel and air passage diameters, and metabolic shifts; it plays a key role in the body's fight-or-flight response.

Hormones

Chemical substances, secreted by organs called glands, that affect the functioning of other organs.