If the Demand Curve Is Very Elastic and the Supply

question 38

True/False

If the demand curve is very elastic and the supply curve is very inelastic in a market, then the sellers will bear a greater burden of a tax imposed on the market, even if the tax is imposed on the buyers.

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Definitions:

Sovereignty

The exclusive right of government to exercise political power.

Enforce Laws

The act of compelling compliance with legislation, rules, or regulations through the application of penalties or sanctions.

Ralph Waldo Emerson

An American essayist, lecturer, philosopher, and poet who led the transcendentalist movement of the mid-19th century.

Imprisoned

Confined or detained in prison as a form of punishment or preventive measure.