The supply of oil is more elastic than the demand for oil. If oil is taxed $10 per barrel, how will the tax be divided between the buyer and seller?
A) The seller will pay more of the tax than the buyer pays.
B) The buyer will pay more of the tax than the seller pays.
C) The seller and buyer will split the tax evenly.
D) The seller will pay the entire tax.
E) The buyer will pay the entire tax.
B
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What will be an ideal response?
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a. True b. False
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