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CHAPTER 6 TRUE/FALSE QUESTIONS 1. A price floor must be set above the market equilibrium price to be effective. 2. Price floors usually causes shortages, while price ceilings usually cause surpluses.( 3. A tax levied on buyers of a good or service shifts the demand curve up. (_) 4. A tax levied on the sellers of a good or service shifts the supply curve up. 5. A $1 per unit tax on sellers generally will raise price by $1. ( 6. A $5 unit tax on buyers generally will lower the equilibrium price by less than $5. ( 7. If the demand is perfectly inelastic, the burden of a tax will be borne solely by the buyers. ( 8. A $1 per unit tax on sellers is economically equivalent to a $1 per unit tax on buyers, except that the tax on sellers is more equitable for low-income buyers. ( 9. The burden of a tax always falls on the side of the market with the smaller price elasticity. (_