If the Supply of a Good Is Perfectly Inelastic, Then

question 11

Multiple Choice

If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax

• A)no matter how elastic the demand for the good is.
• B)only if demand is perfectly elastic.
• C)only if demand is perfectly inelastic.
• D)only if the government forbids them to raise the price of the good.

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Definitions:

Resonating-Focus Approach

A strategy that emphasizes deeply understanding customer needs and creating solutions that resonate strongly with those needs.

Gold Standard

A monetary system where a country's currency or paper money has a value directly linked to gold, ensuring stability and trust in the currency's value.

CVPs

Critical Value Points, significant markers or thresholds in a business or project that are vital for success.

Mass Market

A large group of customers with very similar needs and problems.