If a Tax Is Imposed on a Market with Inelastic

question 77

Multiple Choice

If a tax is imposed on a market with inelastic demand andelastic supply:

• A)buyers will bear most of the burden of the tax.(True Answer )Correct
• B)sellers will bear most of the burden of the tax.
• C)the burden of the tax will be shared equally between buyers and sellers.
• D)there is no way to determine how the burden of the tax will be shared.

Understand the principles of satisfaction clauses in employment contracts.

Identify the criteria for determining a material breach in contracts.

Recognize the effects of unforeseen events on contract obligations and discharges.

Distinguish between express, implied-in-fact, and implied-in-law contractual conditions.

---

Definitions:

Win-Lose Strategy

A competitive approach that aims for one party to emerge victorious or successful at the expense of another, often used in negotiations or conflicts.

Ultimatums

An ultimate request or set of conditions, the refusal of which will lead to retribution or the collapse of relationships.

Minor Concessions

Small adjustments or compromises made during negotiations to facilitate an agreement.

Intraorganizational Negotiations

Negotiations that occur within an organization, involving its members or departments, aimed at resolving conflicts, allocating resources, or agreeing on strategies.