If the demand for liquor is elastic and the supply of liquor is inelastic, when the government increases liquor tax, _____.
a. most of the tax will be paid by the consumer
b. most of the tax will be paid by the producer
c. all of the tax will be paid by the consumer
d. all of the tax will be paid by the producer
e. the tax will be paid by the retailer
Question 2
In the long-run the firm gets to choose which short-run curve it wants to use.
a. True
b. False
Indicate whether the statement is true or false
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