Neither the Demand nor the Supply of Automobiles Is Perfectly

question 176

Multiple Choice

Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile

• A)increases by $1,000.
• B)increases by less than $1,000.
• C)increases by more than $1,000.
• D)decreases by $1,000.
• E)does not change.

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Definitions:

Genus

A classification in biological taxonomy that ranks above species and below family, grouping species that share common characteristics.

Concept

A general idea or understanding that is formulated in the mind.

Species

In biological classification, it refers to the basic unit of classification, defined as groups of organisms capable of interbreeding and producing fertile offspring.

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A unit of teaching that typically covers a specific subject area in a higher education institution, often forming part of a larger program of study.