Could you please answer the attached questions. before 1 am according to boston local time Thanks Document Preview: Government Actions Taxation & Price Controls True or False The price elasticities of supply and demand affect both the size of the deadweight loss from a tax and the tax incidence. ___________ Buyers of a product will bear the larger part of the tax burden, and sellers will bear a smaller part of the tax burden, when the supply of the product is more elastic than the demand for the product. __________ Suppose a tax of $1 per unit is imposed on a good. The more elastic the supply of the good, other things equal, the larger is the deadweight loss of the tax. __________ A price ceiling is a legal minimum on the price at which a good or service can be sold. __________ A price ceiling set below the equilibrium price causes quantity demanded to exceed quantity supplied. __________ Market Characteristic A Demand is very inelastic. B Demand is very elastic. C Supply is very inelastic. D Supply is very elastic. 6. Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will allow the government to minimize the deadweight loss(es) from the tax? a. market A only b. markets A and C only c. markets B and D only d. market C only ____________ 7. Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will maximize the deadweight loss(es) from the tax? a. market B only b. markets A and C only c. markets B and D only d. market D only __________ 8. The vertical distance between points A and B represents a tax in the market. The imposition of the tax causes the quantity sold to increase or decrease by _____ units? The imposition of the tax causes the price paid by buyers to increase or decrease by $_____ c) The imposition of the tax causes the price received by sellers to increase Attachments: Micro-homewor.doc