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i got these questions wrong, please help: Question 10 1 points Sav Figure 6-2 Price $20 18 16 - 14 12 8 X 10 20
i got these questions wrong, please help:
Question 10 1 points Sav Figure 6-2 Price $20 18 16 - 14 12 8 X 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure 6-2.If the government imposes a binding price ceiling of $8 in this market, what is the result? O a. a shortage of 40 units O b. a shortage of 20 units O c. a surplus of 20 units O d. a surplus of 40 unitsQuestion 11 1 points Save Answer A tax is MOST likely to be paid by the seller when: O supply and demand are elastic O supply and demand are inelastic O demand is elastic and supply is inelastic O demand is inelastic and supply is elasticQuestion 13 1 points Saved If a sales tax is imposed on a commodity with perfectly inelastic supply, the burden of the tax will be borne: O mostly by sellers. O completely by sellers. O mostly by buyers. O completely by buyers.Question 3 1 points Save Answer How is a tax on lemonade divided when it is placed on the sellers of lemonade? O a. The burden of the tax will always be equally divided between the buyer and the seller. O b. Buyers and sellers share the burden of the tax. O c. The sellers pay the entire tax. O d. The buyers pay the entire tax.Question 4 1 points Save Answer Market demand is given as QD = 120 - 2P. Market supply is given as QS = P + 30. Which legally imposed price would constitute a binding price floor? O a. $10 O b. $15 O c. $30 O d. $45Question 7 1 points Save Answer In general, on which side of the market does a tax burden fall more heavily? O a. on the side of the market that is unit elastic O b. on the side of the market that is more elastic O c. on the side of the market that is less elastic O d. on the side of the market that is perfectly elasticStep by Step Solution
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