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Question 7 Assume that demand is perfectly elastic and supply is upward sloping. If a specific tax is imposed on sellers then following the imposition

Question 7 Assume that demand is perfectly elastic and supply is upward sloping. If a specific tax is imposed on sellers then following the imposition of the tax: Producer surplus is equal to zero. Consumer surplus is equal to zero. The total price paid by buyers will increase. The price received and kept by sellers remains unchanged. O b, c and d are correct

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