The Supply of Meat Is More Elastic in the Long

question 147

Multiple Choice

The supply of meat is more elastic in the long run than in the short run. Ceteris paribus, as time goes by, the burden of a tax on cattle will increasingly be shouldered by the

• A) grocer.
• B) government.
• C) rancher.
• D) consumer.

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Definitions:

Economic Policies

Strategies and actions implemented by governments or economic institutions to regulate and control the economy, including policies on taxation, spending, and monetary supply.

Rational Expectations Theorists

Economists who believe that individuals and firms use all available information to make forecasts and decisions, leading markets to balance out over time.

Policy Rules

Guidelines or principles that govern the formulation and implementation of monetary and fiscal policies by authorities.

Discretionary Policy

Economic policies based on the discretionary judgment of policymakers rather than set rules, often involving fiscal or monetary actions.