In his recent State of the Union address, President Biden proposed a tax credit of $10,000 for first-time homebuyers. People purchasing homes will have their income taxes reduced by $10,000. If this is enacted, who will benefit from it? (O People selling homes will get all the benefits because they will increase what they ask for homes by $10,000 (O It depends on the relative elasticities of supply and demand. Buyers will gain more if demand is more elastic and supply is less elastic. (O It depends on the relative elasticities of supply and demand. Buyers will gain more if demand is less elastic and supply is more elastic. (O First-time homebuyers will get all the benefits because it will reduce the net price of the home they buy by $10,000