after the tax, what happens to price and quantity? a.) consumers pay a lower price and consume more units. b.) consumers pay a higher price and consume more units. c.) consumers pay a higher price and consume fewer units. d.) consumers pay a lower price and consume fewer units.

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15-11-2022
Business

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after the tax, what happens to price and quantity? a.) consumers pay a lower price and consume more units. b.) consumers pay a higher price and consume more units. c.) consumers pay a higher price and consume fewer units. d.) consumers pay a lower price and consume fewer units.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-18T09:50:57+01:00

After the tax is imposed the consumers pay higher prices and consume fewer units. So, the correct answer is (c).

Taxes are compulsory payments made by a government organization, whether local, provincial, or federal, to people or businesses. Tax revenues are used to fund a variety of government initiatives, such as Medicaid and Social Security as well as public services and infrastructure like roads and education.

Taxes are borne by whoever bears the cost of the tax in economics, whether this is the entity getting taxed, such as a company, or even the ultimate consumer of the items produced by the business. Taxes should be taken into consideration from an accounting standpoint, particularly payroll taxes, federal and municipal tax payments, and sales taxes. When taxes are imposed consumers are left with less disposable income that cause consumption of fewer units.

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