In General, the Buyers Will Tend to Pay a Bigger

question 298

Multiple Choice

In general, the buyers will tend to pay a bigger share of a tax on a good when

• A)the price elasticities of supply and demand are low.
• B)the price elasticities of supply and demand are high.
• C)the price elasticity of supply is low and the price elasticity of demand is high.
• D)the price elasticity of supply is high and the price elasticity of demand is low.

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Definitions:

Mental Incapacity

A condition where an individual lacks the ability to make decisions because of mental health issues or intellectual disabilities.

Executed Agreement

A contract that has been fully performed by all parties involved, with all terms satisfied and obligations met.

Essential Terms

The main conditions or stipulations that are crucial to the validity and execution of a contract or agreement.

Intention

An element of a valid contract; the parties must objectively intend for an agreement to be legally binding.