Statement I: a Tax Increase on a Product Is Usually

question 72

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.

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Definitions:

Yoga

A physical, mental, and spiritual practice or discipline that originated in ancient India, aiming to achieve tranquility, fitness, and consciousness.

Flexibility

The quality of being adaptable or variable in face of change or new circumstances.

Circulatory Health

Pertains to the health and functioning of the circulatory system, which includes the heart, blood vessels, and blood, essential for transporting nutrients, oxygen, and hormones, and for removing waste products.

Organization Pattern

A logical structure used to arrange and present information in written or spoken form, such as chronological, spatial, or cause-and-effect.