excise tax -supply curve Economics Microeconomics

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Subjects -> Economics -> Microeconomics -> Posting #19340

Economics, Microeconomics

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excise tax -supply curve

41. The government levies an excise tax of 5 cents per unit sold on the sellers in a competitive industry. Both supply and demand curves have some elasticity with respect to price. This tax means that the:
A) supply curve shifts to the left by 5 cents, but (unless demand is perfectly elastic) price will not rise.
B) supply curve shifts to the left by less than 5 cents, but (unless demand is highly elastic) price will rise by the full five cents.
C) supply curve shifts to the left by less than 5 cents, but (unless demand is highly inelastic) price will rise by more than 5 cents.
D) supply curve shifts to the left by 5 cents, but (unless supply is perfectly elastic) any price rise will be less than 5 cents.
E) demand curve shifts to the right by 5 cents, and price will rise by 5 cents.

By OTA: Jiong Tu, PhD (IP)

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