Which of the following statements Is TRUE? The buyer will pay more of the tax bu

Question

Which of the following statements Is TRUE? The buyer will pay more of the tax burden if: the good is a luxury good. the good is a necessity. the good has no substitutes. I only II only II and III only I and III only How is a class in which students are graded on a curve like a competitive market? In both cases, the quantity supplied equals the quantity demanded. In a competitive market, demanders compete against one another for goods, the same way students compete for grades. In a competitive market, demanders compete against suppliers for goods, the same way students compete for grades. If the price is too high, demanders should blame suppliers, the same way students should blame professors for bad grades. The equilibrium price in the market represents the: value of the good in its next highest-valued use. value of the good In all its uses. price of the good in its lowest-valued use. average cost of producing the good.

Explanation / Answer

Tax burden is the amount of income, property, or sales tax levied on an individual. The buyer will pay more tax on the high demand product and whose substitutes are not available.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.