If a Tax Is Imposed Upon the Use of an Inelastically

question 37

True/False

If a tax is imposed upon the use of an inelastically supplied input with no alternate uses, then you should expect the price of the product to increase dramatically.

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Definitions:

Confederacy

A league or alliance, especially of states or groups. Historically, it also refers to the Confederate States of America, a collection of 11 southern states that seceded from the United States in 1860-1861.

Northern Officers

Military leaders from the Northern states of the United States, notably the Union side during the American Civil War, who held command positions.

Battle of Bull Run

The Battle of Bull Run refers to two significant battles during the American Civil War, known as the Battle of First Bull Run (or First Manassas) in 1861 and the Battle of Second Bull Run (or Second Manassas) in 1862, both named after a nearby creek in Virginia.

Much Blood

A phrase that might refer to situations or events characterized by a lot of violence or casualties.