Asked by
Joanna Johnston
on Nov 17, 2024
Verified
Who bears the majority of a tax burden depends on the relative elasticity of supply and demand.
Tax Burden
The total amount of taxes that individuals or businesses are required to pay to government entities, often expressed as a percentage of income or profit.
Elasticity
A measure in economics to show how the quantity demanded or supplied of a good or service responds to a change in price.
- Understand the role of elasticity in determining market reactions to taxes and price controls.
Verified Answer
NC
Learning Objectives
- Understand the role of elasticity in determining market reactions to taxes and price controls.
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