Figure 6.7 shows the supply and demand curves for human kidneys. If the government set the price of a kidney at $5,000, then:
A. 50 kidneys would be purchased
B. 300 kidneys would be purchased.
C. 5000 kidneys would be purchased
D. 0 kidneys would be purchased.
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When a tax is levied on a good or service:
A. buyers and sellers generally share the burden of the tax.
B. buyers always bear the burden of the tax.
C. sellers always bear the burden of the tax.
D. sellers bear some of the burden of the tax only if supply is perfectly elastic.
If the supply of land were perfectly inelastic, a tax on land would be paid:
A. partly by sellers and partly by buyers.
B. entirely by sellers.
C. entirely by buyers.
D. It is impossible to determine given this information.
Consider a market with a downward sloping demand curve and an upward sloping supply curve. A $50 tax levied on the producer of the good will cause the market price to:
A. increase by $50
B. decrease by $50.
C. increase by less than $50.
D. increase by more than $50.
Suppose you receive a consumer surplus of $50. The $50 represents:
A. a monetary payment from the store.
B. a monetary payment from the government.
C. a reduction in the original price of the good.
D. the fact that you paid $50 less than you were willing to pay for the good.
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