If the Demand for Apples Is Highly Elastic and the Supply

question 206

Multiple Choice

If the demand for apples is highly elastic and the supply is highly inelastic, then if a tax is imposed on apples it will be paid:

• A)​largely by the sellers of apples.
• B)​largely by the buyers of apples.
• C)​equally by the sellers and buyers of apples.
• D)​by the government.

Understand the importance of formality in business communication.

Identify strategies to increase formality in writing business reports.

Comprehend the structure and components of business reports and proposals.

Summarize the process involved in completing business reports and proposals.

---

Definitions:

Periodic Interest Rate

The interest rate applied to a loan or investment over a specific period of time, less frequently than annually.

Compounded Monthly

The method of calculating interest where the accrued interest is added to the principal sum each month, leading to interest on interest the following month.

Periodic Rate

Periodic rate is the interest rate applied to a financial product over a specific period, which could be daily, monthly, or quarterly, rather than annually.

Quarterly Payments

Payments that are made four times a year, usually for loans or investments, corresponding to each quarter of the year.