Which of the following are true regarding the figure? Please select ALL that apply.21610price70 100tiSupply is inelastic between pt B and (100,16)Supply is elastic between pt B and (100,16)A tax of $6.00 would reduce output by 30 unitsA tax of $8.00 would reduce output by 30 unitsA tax of $14.00 would reduce output by 30 unitsA tax of $20.00 would reduce output by 30 unitsThe reason for taxing this market would be if there is a positive externalityThe reason for taxing this market would be if there is a negative externalityTaxing this market would be appropriate if this were the market for gasolineTaxing this market would be appropriate if this were the market for publictransportationThis market must be for a public goodConsumer welfare will increase if this market is taxedConsumers bear the larger burden of any Tax in this marketSuppliers bear the larger burden of any Tax in this market

When the price changes and increases from 10 to 16, Quantity decreases from 100 to 70. Price…

Answered: Which of the following are true…

Which of the following are true regarding the figure? Please select ALL that apply. ↑price EX 24 16 10 70 100 quantity Supply is inelastic between pt B and (100,16)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following are true regarding the figure? Please select ALL that apply.
2
16
10
price
70 100
ti
Supply is inelastic between pt B and (100,16)
Supply is elastic between pt B and (100,16)
A tax of $6.00 would reduce output by 30 units
A tax of $8.00 would reduce output by 30 units
A tax of $14.00 would reduce output by 30 units
A tax of $20.00 would reduce output by 30 units
The reason for taxing this market would be if there is a positive externality
The reason for taxing this market would be if there is a negative externality
Taxing this market would be appropriate if this were the market for gasoline
Taxing this market would be appropriate if this were the market for public
transportation
This market must be for a public good
Consumer welfare will increase if this market is taxed
Consumers bear the larger burden of any Tax in this market
Suppliers bear the larger burden of any Tax in this market

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