Suppose the Demand Curve for a Product Is Vertical and the Supply

question 208

Multiple Choice

Suppose the demand curve for a product is vertical and the supply curve is upward sloping. If a unit tax is imposed in the market for this product,

• A) sellers bear the entire burden of the tax.
• B) buyers bear the entire burden of the tax.
• C) the tax burden will be shared equally between buyers and sellers.
• D) buyers share the burden of the tax with government.

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Definitions:

Autoclaved Load

Items that have been sterilized in an autoclave, a machine that uses steam under pressure to kill bacteria, viruses, and other pathogens.

Steam Temperature

Steam temperature is the temperature at which water vaporizes to become steam, varying based on pressure but typically around 100°C (212°F) at sea level.

Sterilized

Made free from all living microorganisms and their spores, typically through methods like autoclaving, irradiation, or chemical sterilization.

Vaginal Specula

Instruments used in medical procedures to dilate the vagina for examination of the vagina and cervix.