The Demand for a Good and the Supply of a Good

question 74

Multiple Choice

The demand for a good and the supply of a good are each neither perfectly elastic nor perfectly inelastic.If a sales tax on sellers of the good is imposed,the tax is paid by

• A)the buyers only.
• B)both the buyers and the sellers.
• C)the sellers only.
• D)the buyers only if demand for the good increases.
• E)the suppliers only if the supply of the good increases.

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Definitions:

Replications

Repeating experiments or studies to ensure the results are consistent and reliable.

Null Hypothesis

A hypothesis that there is no significant difference or effect.

Alternative Hypothesis

In hypothesis testing, the hypothesis that proposes a difference or effect, contrasting the null hypothesis.

Interaction

The effect of two or more variables combined that is different from the effect of the variables individually.