In a Market Structure in Which There Are a Large

question 123

Short Answer

In a market structure in which there are a large number of buyers and sellers,the pricing impact of any single firm will be fairly _______.

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Definitions:

Federal Insurance Contributions Act

A U.S. law that requires employees to contribute to Social Security and Medicare, with matching contributions from employers.

Burden Of The Tax

The impact of a tax on the economic welfare of individuals, showing who ultimately bears the cost of the tax.

Excise Tax

A direct tax placed on manufactured goods, and is often levied at the time of manufacture, rather than at sale.

Inelastic Supply

A market condition where the quantity supplied of a good does not change significantly when its price changes.