Suppose That Nineteenth-Century Politicians Had Succeeded in Their Attempt to Impose

question 44

Multiple Choice

Suppose that nineteenth-century politicians had succeeded in their attempt to impose a "single tax"-a tax on suppliers of land (i.e., landlords) .Most of the economic burden of the tax would have been borne by

• A)renters, because the demand for land is generally less elastic than its supply.
• B)renters, because the demand for land is generally more elastic than its supply.
• C)landlords, because the demand for land is generally less elastic than its supply.
• D)landlords, because the demand for land is generally more elastic than its supply.

---

Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option available during decision-making.

Marginal Product

The additional output produced as a result of employing one more unit of a particular input, assuming all other inputs remain constant.

Total Cost

The complete cost of production, including both fixed and variable costs, incurred by a business in the production of goods or services.

Input Price

The cost of resources or raw materials used in the production of goods and services.