Asked by
Elizabeth Adkins
on Nov 05, 2024
Verified
Since the demand for radishes is relatively elastic, a tax on radishes would be largely borne by radish farmers.
Elastic
Describes a situation in which the demand or supply of a good or service is highly sensitive to changes in price.
Radish Farmers
Individuals or businesses involved in the cultivation and sale of radishes, typically as part of the agricultural sector.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
- Gain knowledge on the idea of tax incidence and how tax responsibilities are allocated between consumers and manufacturers.
Verified Answer
SS
Learning Objectives
- Gain knowledge on the idea of tax incidence and how tax responsibilities are allocated between consumers and manufacturers.