Liberty University ECON 213 quiz 5 complete Answers | Rated A+
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The luxury tax of 1990 produced far less tax revenue than projected because:
Goods that are necessities are very likely to have:
Peanut butter and jelly are complements. If a tax is imposed on peanut butter, how will that affect the market for jelly?
Producers will lose no producer surplus due to a tax if:
Consumer surplus plus producer surplus equals:
All taxes create some deadweight loss, unless:
Use the following information to answer the questions that follow.
The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, PC is the price that consumers pay, and PS is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers. What is the total amount of producer and consumer surplus (i.e., social welfare) in this market before the tax is imposed?
Consumers will lose no consumer surplus due to a tax if:
The maximum amount of tax revenue is generated when the good being taxed has a:
If a tax causes the supply curve to shift, we know that the tax is paid out of pocket by:
A tax creates no deadweight loss only when either supply or demand is:
When the price of a good decreases and all else is held constant:
In a market where supply and demand are equally elastic, producers and consumers will share equally the
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