Compared to the short run. the elasticity of demand in the long run is likely to:
A) decrease. B) remain unitary classic. C) increase. D) remain unchanged.
All else equal, if supply is relatively elastic and demand is relatively inelastic, a tax on a product will cause:
A) buyers to bear a larger portion of the tax burden. B) sellers to bear a larger portion of the tax burden. C) buyers and sellers to share the tax burden equally. D) It is impossible to tell from this information who will bear the greater tax burden.