2013
Economics
POST UTME
When demand for a product is price inelastic, the following can happen
A.
Consumers suffer the entire increase in tax on the product
B.
producer suffers the entire increase in tax on the product
C.
producer suffers larger proportion of the increase in tax on the product
D.
consumers suffer larger proportion of the increase in tax on the product
Correct Answer: consumers suffer larger proportion of the increase in tax on the product
Explanation
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