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2. What do we mean by incidence of tax? 3. Comment on this statement if tax is imposed on consumers then tax is paid by
2. What do we mean by incidence of tax? 3. Comment on this statement "if tax is imposed on consumers then tax is paid by buyers only". 4. Comment on this statement "if tax is imposed on consumers then more tax burden on consumer and less on producers." 5. Who will bear more burden of tax(buyers/sellers) if demand is relatively more inelastic compared to supply. Justify your answer using supply and demand diagrams
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