Assuming the Demand Curve Is More Elastic (Flatter) Than the Supply

question 6

Multiple Choice

Assuming the demand curve is more elastic (flatter) than the supply curve, which of the following is true?

• A) The full tax is always passed on to the consumer no matter how flat (elastic) the demand curve is.
• B) The full tax is always passed on to the seller no matter how flat (elastic) the demand curve is.
• C) A smaller portion of sales tax is passed on to the consumer.
• D) It does not make any difference how flat (elastic) the demand curve is; the tax is always split evenly between buyer and seller.

Recognize the impact of outliers in data analysis and identify them using the 1.5xIQR rule.

Construct and interpret various graphical representations of data including histograms, box plots, and bar graphs.

Understand the concepts of variability within data sets, including variance and standard deviation.

Determine the appropriate measures of central tendency and dispersion for different types of data.

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Definitions:

Groupthink

An occurrence in psychology where the pursuit of agreement or adherence within a group causes choices that are irrational or counterproductive.

Bad Decisions

Choices or judgments that lead to undesirable outcomes due to flawed reasoning or poor judgment.

Parasympathetic Nervous System

A component of the autonomic nervous system responsible for conserving energy by slowing the heart rate and increasing intestinal and glandular activity.

Neurons

Specialized nervous system cells responsible for conveying information to other neurons, muscles, or glands.