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Answer and Explanation:
From the diagram in the picture (please find attached) we see that the competitive price and quantity lies at the marginal cost( which the producer cannot go below). The consumer surplus lies just below the demand curve(the downward sloping curve with) and the producer surplus is above the marginal cost. Note the producer surplus is the difference between what the supplier is willing to sell and how much he actually sells, the marginal cost is the lowest the supplier would want to sell. This applies to the consumer surplus too
The producer surplus region was indicated with vertical strokes in the diagram attached
Answer:
TRUE
Explanation:
When supply is perfectly inelastic, the supply curve is vertical as shown in the attached plot. Thus, the tax that shifts the supply curve upward would have no effect on the equilibrium quantity or price paid by consumers. Since equilibrium quantity or price paid by consumer don't change there's no burden on them. However, no team's owners would receive a lower after tax price and thus bearing the entire tax burden.
