The Change in Price That Results from a Leftward Shift

question 75

Multiple Choice

The change in price that results from a leftward shift of the supply curve will be greater if

• A) the demand curve is relatively steep than if the demand curve is relatively flat.
• B) the demand curve is relatively flat than if the demand curve is relatively steep.
• C) the demand curve is horizontal than if the demand curve is vertical.
• D) the demand curve is horizontal than if the demand curve is downward sloping.

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Definitions:

Monthly Schedule Depositors

Taxpayers who are required to deposit certain types of taxes on a monthly basis.

Semiweekly Schedule Depositors

Employers who are required to deposit employment taxes semiweekly based on the schedule determined by the IRS.

FICA Taxes

Taxes imposed by the Federal Insurance Contributions Act on both employees and employers to fund Social Security and Medicare.

Federal Withholding

The process by which an employer withholds a portion of an employee's income to cover federal income taxes.