Figure 6-22 -Refer to Figure 6-22.As the Figure Is Drawn,who Sends the Drawn,who

question 80

Multiple Choice

Figure 6-22
-Refer to Figure 6-22.As the figure is drawn,who sends the tax payment to the government?

• A)The buyers send the tax payment.
• B)The sellers send the tax payment.
• C)A portion of the tax payment is sent by the buyers,and the remaining portion is sent by the sellers.
• D)The question of who sends the tax payment cannot be determined from the graph.

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Definitions:

Demand Curves

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.

Price Discriminate

The strategy of selling the same product or service at different prices to different groups of consumers, often based on their willingness to pay.

Frequent Buyer Program

A customer loyalty scheme where consumers are rewarded for making repeated purchases with a particular company.