Consider the market for a good in which demand is relatively…

Consider the market for a good in which demand is relatively more inelastic than supply, but not perfectly inelastic. If a tax is imposed in this industry, most of the tax burden falls on _____________ and the equilibrium quantity _________________. (Fill in the blanks.)

In 2023, the Pancake industry went through an unexpected shi…

In 2023, the Pancake industry went through an unexpected shift. AMC Pancakes, the largest pancake manufacturer in the US, was convicted of violating FDA guidelines. The company paid out millions in fine and had to close two of its largest production facilities. This reduced the overall supply of pancakes in the US market.