-The Demand for Apple Pies Is Perfectly Elastic

question 100

Multiple Choice

-The demand for apple pies is perfectly elastic.If the government taxes apple pies at $1 a pie,then ________.

• A) the seller pays the entire tax
• B) the buyer pays the entire tax
• C) the seller and the buyer split the tax evenly
• D) the seller and the buyer split the tax but the seller pays more
• E) who pays the tax depends on whether the government imposes the tax on pie buyers or on pie sellers

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Definitions:

Life Imprisonment

A prison sentence where the convict is required to remain in prison for the rest of their life or until parole is granted, if eligible.

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Mens Rea

The legal principle of intent that must be proven in many crimes, referring to the criminal intent of the perpetrator.

White-collar Crimes

Non-violent crimes committed by individuals, typically during the course of their business activities, involving deception for financial gain.