If the Demand for Bread Is More Elastic Than the Supply

question 158

Multiple Choice

If the demand for bread is more elastic than the supply of bread,which group will bear more of the incidence of a tax on bread?

• A) consumers
• B) the government
• C) neither consumers nor producers
• D) producers
• E) both consumers and producers equally

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Definitions:

Projected Number

An estimate or forecast of a future number based on current and historical data.

Material Balance Equation

Material Balance Equation is a principle in chemical and environmental engineering that states that mass in a closed system must remain constant, irrespective of the processes occurring within the system.

Winter Season

The coldest season of the year, typically characterized by snowfall, ice, and dropping temperatures, varying by geographical location.

Price Range

The spread between the highest and lowest prices of a good, service, or asset in a specific period.