If the Market Supply Curve of a Commodity Is More

question 14

Multiple Choice

If the market supply curve of a commodity is more elastic than its market demand curve,tax incidence is likely to fall ________.

• A) more on consumers than on producers
• B) more on producers than on consumers
• C) entirely on producers
• D) entirely on consumers

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Definitions:

Incompetent Person

An individual who is deemed legally incapable of entering into legal agreements or managing their own affairs due to mental disability or illness.

Necessaries

Basic essentials that an individual requires for survival, such as food, clothing, and shelter.

Installment Plan

A payment method that allows consumers to pay for goods or services with a series of monthly payments until the total debt is paid.

Necessaries

Items or services deemed essential for an individual’s subsistence and well-being, such as food, shelter, and medical care.