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Econ 2100 Exam 2 Questions and Correct
Answers/ Latest Update / Already Graded
If a tax is levied on the sellers of flour, then
Ans: buyers and sellers will share the burden of the tax.
The amount of the tax per unit is
Ans: $14.
The per-unit burden of the tax on buyers is
Ans: $8.
The per-unit burden of the tax on sellers is
Ans: $6
The incidence of a tax falls more heavily on
Ans: *consumers than producers if demand is more inelastic
than supply.
*producers than consumers if supply is more inelastic than
demand.
All rights reserved © 2025/ 2026 |
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*consumers than producers if supply is more elastic than
demand.
On a graph, consumer surplus is represented by the area
Ans: below the demand curve and above price.
A drought in California destroys many red grapes. As a result of the
drought, the consumer surplus in the
market for red grapes
Ans: decreases, and the consumer surplus in the market for red
wine decreases.
Chuck would be willing to pay $20 to attend a dog show, but he buys a
ticket for $15. Chuck values the dog
show at
Ans: $20.
If a consumer places a value of $15 on a particular good and if the price
of the good is $17, then the
Ans: consumer does not purchase the good.
All rights reserved © 2025/ 2026 |
Econ 2100 Exam 2 Questions and Correct
Answers/ Latest Update / Already Graded
If a tax is levied on the sellers of flour, then
Ans: buyers and sellers will share the burden of the tax.
The amount of the tax per unit is
Ans: $14.
The per-unit burden of the tax on buyers is
Ans: $8.
The per-unit burden of the tax on sellers is
Ans: $6
The incidence of a tax falls more heavily on
Ans: *consumers than producers if demand is more inelastic
than supply.
*producers than consumers if supply is more inelastic than
demand.
All rights reserved © 2025/ 2026 |
, Page |2
*consumers than producers if supply is more elastic than
demand.
On a graph, consumer surplus is represented by the area
Ans: below the demand curve and above price.
A drought in California destroys many red grapes. As a result of the
drought, the consumer surplus in the
market for red grapes
Ans: decreases, and the consumer surplus in the market for red
wine decreases.
Chuck would be willing to pay $20 to attend a dog show, but he buys a
ticket for $15. Chuck values the dog
show at
Ans: $20.
If a consumer places a value of $15 on a particular good and if the price
of the good is $17, then the
Ans: consumer does not purchase the good.
All rights reserved © 2025/ 2026 |
