Econ Chapter 6 - Section 4 - Elasticity and Tax Incidence

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Last updated 10:26 PM on 10/15/26
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4 Terms

1
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What is elasticity?

A measure of how responsive buyers or sellers are to changes in market conditions, such as price

2
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Which side of the market bears more of a tax?

The less elastic side of the market bears more of the tax burden

3
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What does low demand elasticity mean for buyers?

Buyers have few good alternatives and are less able or willing to reduce consumption when prices rise

4
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What does low supply elasticity mean for sellers?

Sellers have few alternatives to producing the good and are less able or willing to change production