If a Tax Is Imposed on a Good with Equally

question 54

Multiple Choice

If a tax is imposed on a good with equally elastic supply and demand,the burden of the tax will be borne

• A) by consumers and producers equally.
• B) by consumers alone.
• C) by producers alone.
• D) mostly by consumers but partially by producers.
• E) mostly by producers but partially by consumers.

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Definitions:

Low-Quality Heat

Thermal energy that is at a temperature unsuitable or inefficient for conversion into work or other high-value energy forms.

Physical Laws

Fundamental principles that describe and predict the conditions under which physical events occur, usually expressed in mathematical form.

High-Quality Energy

Energy that is concentrated and easily transformed into other forms of energy, such as electricity and gasoline, with a high efficiency rate.

Scientific Hypotheses

Proposed explanations for a phenomenon, based on observation, which can be tested through experimentation or observation.