Multiple Choice
Which of the following is true?
i.If supply is perfectly inelastic,the tax creates no deadweight loss.
ii.The elasticities of supply and demand,not Congress,determine who pays the income tax.
iii.A tax is progressive if the average tax rate falls with income.
A) only i
B) only ii
C) only iii
D) ii and iii
E) i and ii
Correct Answer:
Verified
Correct Answer:
Verified
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