MicroEconomics chapter 6

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a price ceiling is binding when it is set

below the equilibrium price, causing a shortage

a tax on the buyers of the sofas

decreases the size of the sofa market

if a tax is levied on the buyers of a product, then the demand curve will

shift down

if a tax is levied on the sellers of a product, then the supply curve will

shift up

a tax on sellers will shift the

supply curve upward by the amount of the tax

if a price ceiling is not binding then

there will be no effect on the market price or quantity sold


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