Multiple Choice
Statement I: A tax increase on a product is usually borne by the buyer.
Statement II: The supply curve is usually more elastic in the short run than the long run.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Correct Answer:
Verified
Correct Answer:
Verified
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