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:

Newborn Baby

An infant in its first few hours to weeks of life.

Neonate

A newborn child, especially one less than four weeks old, at the very beginning of life outside the uterus.

Embryo Stage

A period in prenatal development that spans from the second to the eighth week after conception, during which major body structures and organ systems begin to form.

Conception

The process of forming a notion, idea, or the beginning of something new.