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Question 13 Suppose a tax is imposed on a market where supply is perfectly elastic and demand elasticity is 1. Then, the burden of the tax will 0 fall entirely on the buyers 0 fall entirely on the sellers 0 be shared by the buyers and sellers, but not necessarily equally. 0 be shared equally by the buyers and sellers Question 14 Suppose the government wants to reduce cost of living, so it imposes binding price ceilings on rental price for apartments. As a resultl 0 an excess demand for apartments will develop. 0 the supply for apartments will decrease. O the demand curve for apartments will shift to the right. 0 an excess supply for apartments will develop