both supply and demand are inelastic

demand is elastic and supply is inelastic

both supply and demand are elastic

demand is inelastic and supply is elastic

The tax burden generated from a tax placed on a good consumers perceive to be a necessity will fall most heavily on the sellers of the good

The burden of a tax falls on the side of the market (buyers or sellers) from which it is collected

The distribution of the burden of a tax is determined by the relative elasticities of supply and demand and is not determined by legislation.

The tax burden falls most heavily on the side of the market (buyers or sellers) that is most willing to leave the market when price movements are unfavourable to them.

clothing

food

housing

entertainment

If the government reduces output below the free market level, consumer surplus will fall

If the government reduces output below the free market level, producer surplus will fall.

If the government raises output above the free market level, consumers will get no benefit from the extra units of output.

If the government raises output above the free market level, some units of output will cost more to produce than the value placed on them by consumers

The number of buyers who gain from the ceiling is smaller than the original number of buyers.

The ceiling creates an excess demand

The ceiling generates losers as well as gainers

To have any effect, the price ceiling must be set at a higher level than the original market price