QUIZ5 - 1). (5 points) Suppose that the demand is vertical...

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Econ 311: Intermediate Microeconomic Theory-Adv. Treatment NAME: Korinna K. Hansen Quiz 5 You can use the back of this page as scrap. We will not look at the back when grading this quiz, so you should present your complete answer by the question. Make sure that you label all your axes and curves . No long full sentences are required for this quiz.
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Unformatted text preview: 1). (5 points) Suppose that the demand is vertical while the supply curve slopes upward. If a tax is imposed in this market who ends up paying for it? 2). (5 points) Suppose that the supply is vertical while the demand curve slopes downward. If a tax is imposed in this market who ends up paying for it?...
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This note was uploaded on 08/08/2008 for the course ECON 301 taught by Professor Hansen during the Spring '08 term at Wisconsin.

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