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Which of the following statement is incorrect?Any taxation, whether levied on the producer or consumer, will always generate a DWL.The tax revenue is higher if the demand curve is more inelastic, holding everything else constant.The tax revenue might decrease if the tax rate increasesA tax that is imposed on sellers is borne entirely by buyers if demand is perfectly inelastic QUESTION 2Consider a competitive market for CD players. If a $20 per-unit tax on CD players raises the equilibrium price paid by consumers by $4, then the supply curveis less elasticity than the demand curveis more elastic than the demand curvehas shifted upward by $4has shifted downward by $4
QUESTION 3Consider a competitive market in which demand is perfectly elastic and supply is upward sloping. If a specific subsidy is paid to buyers then following the subsidyProducer surplus is equal to zeroConsumer surplus is equal to zeroThe price paid by buyers will fallThe price received and kept by sellers is lowerb, c and d are correct
QUESTION 4The supply curve for solar panels is given by the following: p=20+Qs.The demand curve for solar panels is given by p=160-3Qd. Assume that the government has decided that one way to reduce greenhouse gas emissions is to encourage the use of solar panels. As a result the government decides to provide a subsidy of 10 to buyers of solar panels. What proportion of the $10-subsidy is a benefit to buyers (in terms of reduction in price paid) rather than sellers?25%55%75%none of the aboveQUESTION 5The supply curve for solar panels is given by the following: p=20+Qs.The demand curve for solar panels is given by p=160-3Qd. Assume that the government has decided that one way to reduce greenhouse gas emissions is to encourage the use of solar panels. As a result the government provides a subsidy of 10 to suppliers. What is the resulting deadweight loss equal to?2.51012.537.5none of the above
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