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18 Dec 2019
True or False?
1)If demand is perfectly inelastic and supply is elastic, then sellers bear the whole tax burden.
2)Absolute advantage is the basis for gains from trade.
3)A price ceiling set above the equilibrium price will create a permanent surplus.
4)The deadweight loss from taxation will be zero if demand for proudct is perfectly inelastic.
5)Buyers will pay the whole tax burden if demand is more elastic than supply
True or False?
1)If demand is perfectly inelastic and supply is elastic, then sellers bear the whole tax burden.
2)Absolute advantage is the basis for gains from trade.
3)A price ceiling set above the equilibrium price will create a permanent surplus.
4)The deadweight loss from taxation will be zero if demand for proudct is perfectly inelastic.
5)Buyers will pay the whole tax burden if demand is more elastic than supply
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