Suppose That the Demand for Picture Frames Is Highly Inelastic,and

question 82

Multiple Choice

Suppose that the demand for picture frames is highly inelastic,and the supply of picture frames is highly elastic.A tax of $1 per frame levied on picture frames will decrease the effective price received by sellers of picture frames by

• A)less than $0.50.
• B)$0.50.
• C)between $0.50 and $1.
• D)$1.

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