Suppose the market for smuggled antiques is price-taking. A customs operation seizing half of the market supply of smuggled antiques will increase the revenue among smugglers if:the demand for smuggled antiques is inelastic.the demand for smuggled antiques is elastic.None of the above -- there is insufficient information to determine.None of the above -- a customs seizure cannot improve smugglers' revenue.

The supply of antiques is highly inelastic so increases in demand have a large effect on increases in price.Group startsTrue or FalseTrue, unselectedFalse, unselected

Suppose a $1 tax is placed on the sellers of a good. The more elastic the supply of the good, the

Which statement is true?Group of answer choicesThe economic incidence of taxation falls more heavily on the more inelastic side of the market.In general the burden of the tax falls on the more elastic side of the marketIn general the burden of the tax falls on the side of the market who is legally responsible for paying the tax.The economic incidence of taxation falls fully on the sellers if supply is perfectly elastic and/or if demand is perfectly inelastic.None of the statements are true.

f the demands for goods is price elastic, an increase in its price will increase total revenue in that market.Question 2AnswerTrueFalse

Question 2Victims of illicit trade are? 1 pointManufacturersPolice officers on the line of dutyStreet vendors who are selling counterfeited goods