1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
storchak [24]
4 years ago
12

The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods

by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10%. The change in equilibrium price will be:
a. increase in both the aged cheddar cheese and bread markets.
b. increase in the aged cheddar cheese market and a decrease in the bread market.
c. decrease in the aged cheddar cheese market and increase in the bread market.
d. a decrease in both the aged cheddar cheese and bread markets.
Business
1 answer:
Kryger [21]4 years ago
3 0

Answer:

D) a decrease in both the aged cheddar cheese and bread markets.

Explanation:

A 10% income tax increase will shift the aggregate demand curve to the left, reducing total demand. This should affect both necessities and luxury goods.

In this case, the demand curve for both aged cheddar cheese and bread will shift to the left, reducing the total quantity demanded at every price level. This will result in a lower equilibrium price for both goods.

You might be interested in
If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be
Arlecino [84]

Answer:

Less than average total Cost

Explanation:

Average total cost can be estimated as

(total fixed cost as well as variable costs )/ ( total units produced). It has a great impact on how a business is going to set up the price of their products. Marginal cost is can be regarded as alteration in total cost as a result of increase in unit of quantity produced. It should be noted that If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be Less than the average total cost

8 0
3 years ago
What amount of cash did the company pay for salaries during the month?
worty [1.4K]
I need to know the numbers in order to help you.
3 0
3 years ago
A waiter fills your water glass with ice water (containing many ice cubes) such that the liquid water is perfectly level with th
Dafna11 [192]

Answer:

As the ice melts and turns into water, the level of the liquid water will lower and it will no longer be perfectly leveled with the rim of the glass. This happens because water has a unique property, its solid state occupies a larger volume than its liquid state, i.e. as waters turns into ice, it expands and occupies more space. Generally, as liquids become solid, they will shrink and occupy less space, but that doesn't happen with water.

Explanation:

3 0
3 years ago
The first step that any organization should take to manage the risk of employee communication is to develop and publicize​ a(n)
Y_Kistochka [10]
The first step ....................................... is to develop and publicize A SOCIAL MEDIA policy.
A social media policy refers to a corporate code of conduct which provides guidelines for the workers of a company who post contents on the internet either in their official or private capacity. It is also called social networking policy.
8 0
3 years ago
A d d m e o n d i s c o r d<br> Katelyn#6394
kirza4 [7]

Answer:

ok and thanks for the points

thanks:)

3 0
3 years ago
Read 2 more answers
Other questions:
  • What do you hope to achieve from your college plans?
    11·2 answers
  • A bond will pay $80 in interest at the end of each of the next three years, plus $1,000 at the end of the third year. If it has
    12·1 answer
  • 1. You and your best friend are brilliant entrepreneurs who are considering opening your own business tutoring struggling colleg
    6·1 answer
  • What is negotiation? A. A discussion in which a sales person demonstrates features of a product B. A discussion in which people
    11·1 answer
  • A company scientist at a biotechnology company decides to work on his own research project, hoping to eventually start his own f
    12·1 answer
  • Consider the $50,000 excess cash.Assume that Gary invests the funds in a one year CD
    15·1 answer
  • "Try reorganizing your company. Make sure that all of the employees who are doing one kind of work report to the same manager. W
    11·1 answer
  • If a market basket of goods cost $100 is the US and 70 euros in France, then the PPP exchange rate would be $.70/euro.A. TrueB.
    15·1 answer
  • The following standards have been established for a raw material used to make product O84:Standard quantity of the material per
    7·1 answer
  • Wolf Computer exchanged a machine with a book value of $40,000 and a fair value of $45,000 for a very similar machine. In additi
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!