What Happens When the Demand for a Product Is Less

question 77

Multiple Choice

What happens when the demand for a product is less elastic than the supply?

• A)Consumers pay the entire tax on the product.
• B)Firms pay the majority of the tax on the product.
• C)Firms pay the entire tax on the product.
• D)Consumers pay the majority of the tax on the product.

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Definitions:

Big Five Personality Traits

A model delineating five broad dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Neuroticism

A personality trait characterized by emotional instability, anxiety, moodiness, worry, and fear.

Extraversion

A personality dimension that involves being outgoing, energetic, and often seeking the company of others.

Libido

The term used to describe sexual drive or desire, which can be influenced by biological, psychological, and social factors.