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TRUE or FALSE? State whether the statement below is TRUE or FALSE. In addition, defend your answer with an explanation. [4 points] [Statement] In this

TRUE or FALSE? State whether the statement below is TRUE or FALSE. In addition, defend your answer with an explanation. [4 points]

[Statement] "In this market for overnight hotel stays, the statutory burden of the excise tax will have no effect on the economic burden."

Room rates Supply, with tax (price) Original supply Consumer pays Original P Hotel/Motel keeps Inelastic demand Rooms per night

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