5. Suppose that the government imposes a tax on heating oil. a. Would the deadweight loss from...
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5. Suppose that the government imposes a tax on heating oil.
a. Would the deadweight loss from this tax likely be greater in the first year after it is imposed or in the fifth year? Explain.
b. Would the revenue collected from this tax likely be greater in the first year after it is imposed or in the fifth year? Explain.
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