21. The imposition of a tax a) raises both supply and demand (LO7) b) lowers neither supply nor demand c) lowers only supply a d) lowers only demand 22. Supply is most elastic in (LO6) a) the market period b) the short run c) the long run 23. Which statement is the most accurate? (LO7, 5) a) The demand for gasoline is very elastic. b) The demand for home heating oil is very inelastic c) The seller of a perishable commodity has a relatively elastic supply. d) Most firms can double their output in the short run