The US is considering eliminating the tax on gasoline to alleviate the recent run up in gas prices. The current tax is $0.04 per gallon and is paid by sellers. The elimination of the tax will: Do nothing to the retail price if the supply of gas is perfectly elastic. Reduce the retail price of gas that consumers pay by $0.04 if the supply is perfectly inelastic. O Do nothing to the retail price if the demand is perfectly inelastic. Reduce the retail price of gas that consumers pay by $0.04 as long as demand is downward sloping and supply is upward sloping. Reduce the retail price of gas by less than $0.04 as long as demand is downward sloping and supply is upward sloping