Supply and Demand Both Tend to Become More Elastic in the Long

question 37

Essay

Supply and demand both tend to become more elastic in the long run.What does this mean for the deadweight loss and tax revenue from a tax in the long run compared to the short run?

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Definitions:

6-phosphate Ester

Refers to a compound containing a phosphate group attached to the sixth carbon of a sugar or organic molecule, commonly involved in energy transfer and signaling pathways.

Sucrose

A sweet substance made from glucose and fructose, familiarly referred to as the sugar found in sugar bowls.

Monosaccharides

Simple sugars that are the most basic units of carbohydrates, with a single polyhydroxy aldehyde or ketone unit.

Kiliani-Fischer Chain Lengthening

A chemical reaction that increases the carbon chain length of aldoses by one carbon atom using cyanohydrin formation.