If the demand for insulin is highly inelastic, then the burden of a tax on insulin will be borne almost entirely by sellers.
Question
Solution 1
The statement is incorrect. If the demand for insulin is highly inelastic, then the burden of a tax on insulin will be borne almost entirely by the buyers, not the sellers.
Here's why:
- Inelastic demand means that the quantity demanded by consumers does not change significantly when the price c Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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