Suppose That the Supply Curve for a Good Is Vertical

question 8

Multiple Choice

Suppose that the supply curve for a good is vertical. In this case we would expect

• A)nothing to be sold so no tax is collected.
• B)a tax placed on the buyer to be borne entirely by the seller.
• C)a tax placed on the buyer to be borne entirely by the buyer.
• D)the tax to be shared equally by both buyer and seller.

Understand the factors influencing conformity and obedience in social settings.

Recognize the impact of group dynamics on individual behavior, including social loafing, bystander effect, and group polarization.

Identify the key studies and experiments within social psychology that illustrate concepts of conformity, obedience, and group influence (e.g., Asch, Milgram).

Distinguish between informational and normative influences in social conformity.

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Definitions:

Exchange

The process by which parties trade goods, services, or financial instruments, facilitating the transfer of ownership and value.

Tomatoes

A versatile fruit commonly treated as a vegetable in culinary uses, known for its red color and variety of shapes and sizes, important in many cuisines worldwide.

Pumpkin

A large, round, orange vegetable that is commonly grown as a food source and used as decoration, especially during Halloween and Thanksgiving.

Opportunity Cost

Opportunity cost refers to the benefit that is missed or given up when choosing one alternative over another.