The Supply of Meat Is More Elastic in the Long

question 147

Multiple Choice

The supply of meat is more elastic in the long run than in the short run. Ceteris paribus, as time goes by, the burden of a tax on cattle will increasingly be shouldered by the

• A) grocer.
• B) government.
• C) rancher.
• D) consumer.

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Definitions:

Standard Error

A measure indicating the amount of variation or dispersion of a set of values; specifically, it reflects how much sampling variability a statistic possesses.

Variability

The degree to which data points in a statistical distribution or data set diverge from the mean value.

Sample Means

The average value obtained from a sample, which is a subset of a larger population.

Population Mean

The average value of a given set of numbers in a population.