If the Supply of a Product Is Upsloping and Demand

question 209

Multiple Choice

If the supply of a product is upsloping and demand is downsloping, an excise tax of $2 per unit will increase price by

• A)more than $2.
• B)$2.
• C)less than $2 and increase equilibrium output.
• D)less than $2 and reduce equilibrium output.

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Definitions:

Scan

The process in which a PLC systematically checks its input conditions and updates its outputs accordingly, forming one cycle of its operation.

Direction

A term that specifies orientation or course of motion; in technical contexts, it often relates to the flow of data, operations, or movements in systems and machinery.

Ladder Logic

A graphical programming language used in programmable logic controllers (PLCs) that represents electrical control circuits with rungs of logic operations.

Rungs

The horizontal lines found in ladder logic diagrams representing electrical circuits, where each rung signifies a unique control element or condition.