#25, #26, #27 QUESTION 25Which of the following best describes why the government is not able to decide whether it will be consumers or producers will pay a tax.O a. A tax on consumers will result in an increase in supplyO b. Producers will always pass the entire tax onto consumersO c. The tax corrects an externality.Q d. The tax changes the equilibrium price, so that producers and consumers share the burden of the tax.QUESTION 26"The world gasoline market is rigged. Look, we just saw a 5% decrease in the supply of oil and the price of gas shot up 50%, there is no way that canhappen if the price were determined by supply and demand." Which of the following best explains why the quotation above is wrong.O a. This can happen if simultaneously there is a decrease in the demand for gasolineO b. There are lots of taxes on oil that make the price very different for suppliers than consumersO c. A small decrease in quantity can cause a large increase in price if demand is very inelasticO d. This can happen if there is an externality in the marketQUESTION 27A good that is non-rival and non-excludable is called aO a. club goodO b.common resourceO c. public goodO d. private good

Equilibrium price and quantity are determined where market demand is equal to market supply.…

Which of the following best describes why the government is not able to decide whether it will be consumers or producers will pay a tax. O a. A tax on consumers will result in an increase in supply O b. Producers will always pass the entire tax onto consumers O c. The tax corrects an externality. O d. The tax changes the equilibrium price, so that producers and consumers share the burden of the tax.

Which of the following best describes why the government is not able to decide whether it will be consumers or producers will pay a tax. O a. A tax on consumers will result in an increase in supply O b. Producers will always pass the entire tax onto consumers O c. The tax corrects an externality. O d. The tax changes the equilibrium price, so that producers and consumers share the burden of the tax.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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