Suppose That in a Particular Market, the Supply Curve Is

question 35

Multiple Choice

Suppose that in a particular market, the supply curve is highly elastic and the demand curve is highly inelastic. If a tax is imposed in this market, then the

• A)buyers will bear a greater burden of the tax than the sellers.
• B)sellers will bear a greater burden of the tax than the buyers.
• C)buyers and sellers are likely to share the burden of the tax equally.
• D)buyers and sellers will not share the burden equally, but it is impossible to determine who will bear the greater burden of the tax without more information.

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Definitions:

Cognitive Model

A representation of the mental processes involved in thinking, understanding, learning, and remembering.

Abnormal Behavior

Patterns of action or behavior that are atypical, significantly deviate from societal norms, and may impair functionality.

Self-defeating

Behaviors or thought patterns that undermine one's own success or well-being.

Cognitive Model

A theoretical construct that represents how cognitive processes work to help us understand and predict behavior.