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- Subject
- Prices, Wages & Taxeseconomics-mcqs › prices-wages-taxes
- Published
- 30 May 2019
- Last updated
- 28 May 2026
Explanation
When a tax is levied on sellers, it increases their costs, which causes the supply curve to shift upward (or to the left) by the amount of the tax per unit. This reflects a higher price sellers require to supply the same quantity.
More Prices, Wages & Taxes MCQs
Practice related questions from the same subject.
- 1.Which statement accurately describes how the tax burden is allocated?
- 2.When a tax is imposed on an essential product, who is most likely to bear the majority of the tax burden?
- 3.If a tax is imposed on buyers in a market, what is the effect on the distribution of the tax burden?
- 4.Which type of employee is most likely to face greater challenges in securing employment following an increase in the minimum wage?
- 5.Which of the following illustrates a price floor in economic terms?
- 6.Who is more inclined to advocate for the implementation of a price floor in the market?
- 7.What does a price floor represent in market regulation?
- 8.What is the result of implementing a binding price ceiling in a market?
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