The Figure Given Below Shows the Demand Curve in the U.S

question 111

Multiple Choice

The figure given below shows the demand curve in the U.S. and the cost curves in U.S. and India.Figure: 16.4
In the figure:
MC: Marginal cost curve
ATC: Average total cost curve
D: Demand curve in the U.S.MR: Marginal revenue curve in the U.S.
-The burden of a tax is mainly borne by the buyer if:

• A)the supply of the good is perfectly price elastic.
• B)the supply of the good is relatively price elastic.
• C)the demand for the good is relatively price elastic.
• D)the demand for the good is relatively price inelastic.
• E)the demand for the good is perfectly price elastic.

---

Definitions:

Concrete Operational

Concrete operational stage is a phase in Piaget's theory of cognitive development, where children gain the ability to think logically about concrete, physical objects and events.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding over the course of a human life.

Formal Operations

The stage in Piaget's theory of cognitive development, typically beginning around age 12, characterized by the ability to think abstractly and logically.

Systematic Solutions

Methodical and well-organized approaches to solving problems or addressing issues.