When a Tax Is Placed on a Product,the Price Paid

question 229

Multiple Choice

When a tax is placed on a product,the price paid by buyers

• A)rises,and the price received by sellers rises.
• B)rises,and the price received by sellers falls.
• C)falls,and the price received by sellers rises.
• D)falls,and the price received by sellers falls.

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Definitions:

Affirmed

A legal term used when a higher court has confirmed or upheld the decision of a lower court.

Express Ratification

The explicit approval or confirmation by a principal of an act or contract performed or entered into on their behalf by an agent.

Restitution

The compensation for loss, damage, or injury required to be paid by the party responsible for causing it, aiming to restore the victim to their original position.

Age of Majority

The legally recognized age at which an individual is considered an adult and responsible for their actions.