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:

Public Transportation

A system of vehicles such as buses and trains provided by the government or private entities to enable communal travel within a specific area.

Organization

is a structured group of people with a particular purpose, such as a business, government department, or charity.

Music Festivals

Public events featuring live music performances by various artists, often focusing on a specific genre and offering other attractions like food and merchandise.

Ultimate Consumer

The end-user of a product or service who does not plan to sell the item further and purchases for personal use.