When a Good with Equally Elastic Demand and Supply Is

question 165

Multiple Choice

When a good with equally elastic demand and supply is taxed,the incidence of the tax is borne

• A) entirely by consumers.
• B) entirely by producers.
• C) by both consumers and producers.
• D) mostly by consumers.
• E) mostly by producers.

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Definitions:

Annihilation

The complete destruction or obliteration of something, often used in contexts ranging from physics to theology.

Cremation

The reduction of a human body by means of heat or direct flame. The cremated remains are called cremains or ashes and weigh between three and nine pounds. Ashes is a very poor word to describe the cremated remains because they are actually processed bone fragments and calcium residue that have the appearance of crushed rock or pumice.

Technological Devices

Tools, machines, or equipment developed through technological means to perform specific functions or tasks.

Decentralism

A system or ideology that advocates for the distribution of administrative powers away from a central authority.