Use the Following to Answer Question(s): Tax Incidence

question 13

Multiple Choice

Use the following to answer question(s) : Tax Incidence

-(Exhibit: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively inelastic demand, as shown in Panel _______ , the greater share of the burden of an excise tax imposed on it (shown by the tax wedge in each panel) , is borne by _______ .

• A) (c); buyers
• B) (c); sellers
• C) (d); sellers
• D) (d); buyers

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Definitions:

Blepharitis

An inflammation of the eyelids, often causing redness, itching, and dandruff-like scales on eyelashes.

Glaucoma

Glaucoma is a group of eye conditions that lead to optic nerve damage, often associated with elevated intraocular pressure, and can result in loss of vision if not treated.

Sty

A painful, red lump on the edge of an eyelid caused by an infected oil gland.

Iritis

Irritation of the iris, the part of the eye that has color, resulting in discomfort, sensitivity to light, and issues with sight.