Question

The deadweight loss from a tax is likely to be greater with a good that has Select one: a. many substitutes. b. an inelastic demand. c. few substitutes. d. an inelastic supply.

Answer 1

The deadweight loss from a tax is likely to be greater with a good that has many substitute.

What is deadweight loss?

This refers to scenario, tax imposed create loss of economic sufficiency; when the supply of goods and services aren't met.

Dead weight loss is the inefficiency that occurs when the market is not in equilibrium.

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