Use the Following to Answer Questions

question 270

Multiple Choice

Use the following to answer questions:
Figure: The Market for Yachts
-(Figure: The Market for Yachts) Look at the figure The Market for Yachts. If the government imposes a $30,000 tax on yachts (collected from the producers) , consumers will pay _____ of the tax and producers will pay _____.

• A) $20,000; $10,000
• B) $15,000; $15,000
• C) $10,000; $20,000
• D) $5,000; $25,000

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Definitions:

Valid Tender

An offer of payment for goods or services that, by law, cannot be refused by the creditor if the debtor intends to discharge the debt.

Tender Of Payment

is an offer to pay a debt or obligation, specifically in a form that is legally recognized and acceptable.

Exact Amount

Specifies a precise figure or quantity, leaving no room for deviation or approximation.

Force Majeure Clause

A contractual provision that frees all parties from liability or obligation when an extraordinary event or circumstance beyond their control occurs, preventing them from fulfilling their obligations.